Sarah has just deposited $1,000 in her checking account. She knows that the bank will keep part of these funds on hand and loan out the rest. This is an example of

Which of the following is always associated with monopolistic competition?

a. identical goods b. economic profit in the short run c. the firm's MR curve lies above its demand curve d. the firms' demand curves become more inelastic as new entry occurs e. product differentiation

The opportunity cost of watching television is:

A. all of the alternative programs that appear on other stations. B. zero because there is no money expenditure involved. C. the alternative use of the time foregone by watching the program. D. zero if it benefits you.