A monopolistic competition is a market structure where:
a. a large number of firms compete in a market and sell non-identical products
b. a small number of firms, perhaps just two or three, sell all of the output in a market.
c. a large number of firms compete in a market and sell identical products.
d. a firm produces and sells all of the output—for which there are no close substitutes—in the market.
a
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The extra Marginal Utility that winning an extra dollar in prize money from a gamble provides is assumed to ____________ as more dollars are won.
Fill in the blank(s) with the appropriate word(s).
The net effect of a stronger dollar on real GDP is
A) an increase in the price level. B) dependent on whether the increase in aggregate supply is more or less than the decrease in aggregate demand. C) a decrease in real GDP. D) an increase in real GDP.