The primary legislative branch of the European Union is called the
A) European Commission.
B) European Parliament.
C) European Court of Justice.
D) European Council of Ministers.
E) Council of the European Union.
E
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When trade occurs among nations with similar tastes, technology, products, and costs, monopolistically competitive firms will have an incentive:
a. to lower prices to get new customers and increase market share. b. to raise prices to take advantage of a lucrative situation. c. to cut corners in manufacturing to boost profits. d. to raise quality, so they can charge a higher price than the competition.
Which of the following would be inconsistent with the notion of a competitive market process and the notion of perfect competition?
A) Price searching behavior B) Predatory pricing C) Advertising D) Licenses and other legal restrictions on entry E) Hostile takeovers