A monopolistically competitive firm's demand curve slopes downward because:
a. new firms are free to enter the market.
b. there are a large number of firms in the market.
c. a differentiated product gives the firm some monopoly power.
d. the firm has complete information about the market.
e. the firm sells a standardized product.
c
Economics
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Economics
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
Economics