Provide some examples of industries near your school that operate in monopolistic competition (excluding those given on the text page in the figure)
What will be an ideal response?
Hamburger restaurants, coffee shops, and juice bars are examples of firms competing in their own respective industry, each industry being a market described by monopolistic competition.
Economics
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What information is provided by the aggregate demand curve?
What will be an ideal response?
Economics
A local store noticed that when it increased the price of milk from $2.50 to $3.50 per gallon, it sold the same amount of milk per week (165 gallons). Since everything else remained the same, we would say the
a. demand for milk is perfectly elastic b. demand for milk is elastic c. demand for milk is perfectly inelastic d. demand for milk is unitary elastic e. law of supply does not apply in this situation
Economics