Give two examples of products sold in perfectly competitive markets and two examples of products sold in monopolistically competitive markets.

Your authors state that the rise in the U.S. poverty rate from 2000 to 2010 was primarily caused by

A) the rise of huge corporations and "big box stores" in the consumer goods sector. B) the growing number of students straddled with student loan debt. C) the Great Recession that began in 2008. D) none of the above reasons.

In moving from a shortage toward the market equilibrium, which of the following is true?

a. Quantity supplied decreases. b. Quantity demanded increases. c. Price falls. d. Price rises.