In a fixed exchange rate system, speculation regarding an expected revaluation or devaluation of a currency makes it more difficult to maintain the existing exchange rate

If the market demand in a monopolistically competitive industry increases, a likely result in the long run will be

A) less elastic demand curves facing each firm. B) a higher ratio of price to average cost. C) a larger number of firms producing a similar product. D) a transition from monopolistic competition to oligopoly.

The price reflecting the true social opportunity costs of a resource is known as

(a) a shadow price. (b) an equilibrium price. (c) a world price. (d) a price index.