In a monopolistically competitive scenario, as more firms enter into the industry, the long run demand curve for most firms will tend to become:
a. more inelastic.
b. vertical

In general, in the 19th century, America

(a) was a low tariff nation because it was believed that free trade brought specialization, efficiency and more rapid economic growth. (b) was a nation that kept its tariffs at about the same levels as England so as not to give the British an advantage. (c) was a high tariff nation which believed, from the days of Alexander Hamilton, that America's industry needed protection from the more industrially advanced England. (d) had a moderate level of tariffs, compared with England, whose main purpose was to provide the federal government with revenues.

Which of the following shifts aggregate demand to the left?

a. an increase in the price level b. an increase in the money supply c. a decrease in the price level d. a decrease in the money supply