In monopolistic competition, the products of different sellers are
A) identical.
B) similar but slightly different.
C) unique without any close or perfect substitutes.
D) perfect substitutes.
E) either identical or differentiated.
B
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Price differentiation is a situation in which
A) there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers. B) there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers. C) consumers' comparison-shop. D) the demand curve is vertical.
Economic growth means:
A. all of a nation's citizens must be better-educated. B. more production of goods and services. C. people maintain their standard of living. D. in general tax revenues are lower.