Monopolistic competition is efficient when compared to
A) perfect competition.
B) complete product uniformity.
C) the short run.
D) the long run.
E) None of the above answers is correct.
B
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The use of commodity money
a. has a high opportunity cost. b. does not provide an adequate unit of account. c. creates a mutual coincidence of wants problem. d. creates inflation. e. All of the above.
A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.