Which of the following is a characteristic of monopolistic competition?
A. Standardized product
B. A relatively small number of firms
C. Absence of non price competition
D. Relatively easy entry
D. Relatively easy entry
Economics
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Mary can clean 20 windows per hour or type 30 pages of paper per hour. Tom can clean 18 windows per hour or he can type 25 pages of paper per hour. Based on this
A) Mary has comparative advantages in activities. B) Tom has comparative advantages in both activities. C) Tom has a comparative advantage in cleaning windows. D) Mary has a comparative advantage in cleaning windows.
Economics
Refer to the graph shown. After an increase in supply, the market is in equilibrium where the demand curve intersects S1. In this new equilibrium, consumer surplus is equal to:
A. 2,700. B. 1,500. C. 2,940. D. 1,260.
Economics