The most significant difference between perfect competition and monopolistic competition is that
A) in a perfectly competitive market products are differentiated, while in a monopolistically competitive market products are homogeneous.
B) in a perfectly competitive market products are homogeneous, while in a monopolistically competitive market products are differentiated.
C) in a perfectly competitive market there is a large number of sellers, while in a monopolistically competitive market there is a small number of sellers.
D) in a perfectly competitive market there is a small number of sellers, while in a monopolistically competitive market there is a large number of sellers.
B
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In the long run, ________ differences in economic growth rates result in ________ differences in GDP per capita
A) small; no B) small; large C) large; no D) large; small
An In the News article titled "Perceptions of Government Failure" implies that people lack confidence in the government. If this is true, it may be due to persistent examples of
A. Merit goods. B. Market failure. C. Government failure. D. Efficiency.