A trade-off refers to
A) sacrificing one thing for another.
B) deciding who consumes the products produced in an economy.
C) allowing the government and other organizations to choose for us.
D) holding other variables fixed.
A
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In both monopolistic competition and perfect competition,
A) firms sell identical products. B) there is easy entry and exit. C) firms are price takers. D) firms face horizontal demand curves. E) the marginal revenue curve and the demand curve are the same.
If the government provides a subsidy to producers, what is the effect of this policy in a supply and demand diagram?
A) The demand curve shifts leftward and the price rises. B) The supply curve shifts rightward and the price falls. C) The supply curve shifts leftward and the price falls. D) The supply curve shifts leftward and the price rises. E) The demand curve shifts rightward and the price rises.