________ is an industry market structure with many firms each able to differentiate their products.
A. Monopolistic competition
B. Perfect competition
C. A monopoly
D. An oligopoly
Answer: A
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Which of the following is true regarding this statement? "The president's decision to spend more money on national defense is smart."
A) This is a normative statement. B) The federal government does not face scarcity. C) This topic would be studied in microeconomics. D) Social interest must always be more important than self-interest. E) Ceteris paribus does not apply to the government.
The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition
a. What quantity will be produced? b. What price will be charged? c. What is Tony's total cost? d. What is Tony's total revenue? e. What is Tony's economic profit or loss? f. Is this a long-run equilibrium? Why or why not?