Monopolistic competition means
A) monopolies from several countries compete in the global market.
B) a large number of firms producing homogeneous products.
C) a large number of firms producing differentiated products.
D) few firms producing differentiated products.
Answer: C
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The above figure shows a nation's production function. Point B is ________ and ________ because ________
A) unattainable; inefficient; the nation is using resources efficiently but they could be more efficient B) unattainable; inefficient; the nation is using resources inefficiently C) attainable; inefficient; the nation is using resources inefficiently D) unattainable; efficient; the nation would be using resources efficiently if they could attain this level of production E) attainable; efficient; the nation is using resources efficiently
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit is
A) $100. B) $200. C) $400. D) $800.