If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?
A) the number of firms in the market
B) the number of close substitutes for the good being produced
C) the number of buyers in the market
D) if the good being sold is a normal or inferior good
A
Economics
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Antitrust laws are designed to
a. preserve competition. b. protect the environment. c. protect the public's trust in the government. d. all of the above.
Economics
Suppose that when disposable income increases by $1,000, consumption spending increases by $750. Given this information, we know that the marginal propensity to consume (MPC) is
A. 1.33. B. 4. C. 0.25. D. 0.75.
Economics