Which of the following is the best example of a firm operating in a monopolistically competitive market?
a. A Kansas wheat farmer.
b. TGI Fridays, a family restaurant.
c. U.S. Postal Service.
d. Boeing, an aircraft manufacturer
b
Economics
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A concert in a crowded auditorium is ________ in consumption
A) non-excludable and non-rival B) excludable but non-rival C) excludable and rival D) non-excludable but rival
Economics
Total costs increase from $1500 to $1800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. FC = $100 b. MC=300 c. MC=30 d. FC = $400
Economics