The only way that the family can consume more and enjoy a higher standard of living is to:
A. increase the amount each person produces.
B. decrease the amount each person produces.
C. increase how many people are in the family.
D. increase both how many people are in the family, and the amount each one produces.
A. increase the amount each person produces.
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In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
A new firm enters a market which is initially serviced by a Bertrand duopoly charging a price of $30. Assuming that the new firm is equally as efficient as the incumbent firms, what will the new price be should the three firms coexist after the entry?
A. Equal to $30 B. Above $30 C. Below $30 D. Unable to tell given the information provided.