What are the characteristics of monopolistic competition?
What will be an ideal response?
Monopolistic competition is characterized by a large number of sellers selling a differentiated product. There are relatively weak barriers to entry and firms compete aggressively on a nonprice basis.
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In response to an unanticipated easing of monetary policy, output ________ at first, then ________ after about four months
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; rises significantly D) remains roughly unchanged; falls significantly
Which nation achieved the ideal communist society as described by Marx?
A. Castro's Cuba B. Mao's China C. Stalin's Soviet Union D. No nation has achieved Marx's vision of communist society.