If demand curve D2 represents a monopolistic competitor and demand curve D3 represents a monopoly, then
A. the monopolist has a more elastic demand curve than the monopolistic competitor.
B. the monopolistic competitor has a more elastic demand curve than the monopolist.
C. the monopolist and the monopolistic competitor have identical elasticity in their demand curves.
D. None of these choices are true.
B. the monopolistic competitor has a more elastic demand curve than the monopolist.
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Which of the following is a major reason for offshoring?
a. Advances in information and communication technologies. b. The inability of companies to fragment production processes. c. The gradual decline in worldwide competition. d. All of the above are major reasons for offshoring.
With free entry:
A. the long run market supply curve is horizontal at the market price. B. the long run market supply curve is vertical at the market price. C. the short and long run market supply curves are the same. D. there is a known and limited number of potential suppliers that can produce a good in the long run.