Monopolistic competition is like perfect competition in that they both experience?
a. downward sloping demand curves
b. product differentiation
c. easy entry and exit from the market thus eliminating long-run profits
d. barriers to production to keep other market participants out in the long run
c
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An employee in a department store often steals goods when other employees are not around. Because the store does not have a surveillance camera, the store manager is unable to monitor his activities. This behavior is an example of ________
A) adverse selection B) moral hazard C) internalization of externalities D) the paradox of thrift
________ policies involve government support for manufacturing sectors in which a country has potential comparative advantage
A) Comprehensive development B) Primary-export-led development C) Import-substitution development D) Outward-looking development