All of the following are characteristics of a monopolistically competitive industry EXCEPT
A) homogeneous products.
B) many firms.
C) low barriers to entry and exit.
D) sales promotion and advertising.
A
Economics
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Which of the following is a result of imposing a rent ceiling?
A) There is an increase in the quantity of apartments demanded. B) The marginal benefit of the last apartment rented is less than the marginal cost of supplying it. C) Some consumer surplus is converted to producer surplus. D) There is an increase in the quantity of apartments supplied.
Economics
The value of an item expressed in today's dollars is known as
A) inflation. B) deflation. C) the nominal value. D) the real value.
Economics