The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because
a. there are too few firms to reach an efficient level of production.
b. firms do not operate at the output that minimizes average costs.
c. more advertising is needed to inform customers about product differences.
d. consumers do not have enough choice among the product varieties available.
b
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________ is an odorless and colorless gas, a product of the combustion of fossil fuels and burning wood. It is a leading cause of accidental poisoning in the U.S
a. Radon b. Carbon monoxide (CO) c. Nitrogen dioxide d. Sulfur dioxide
Which one of the following is an example of the circular flow model and shows the interdependence of households and firms?
a. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. b. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. c. Households supply their resources to the firms in the factor markets and, in turn, demand in the product market the goods and services produced by the firms. d. The firms in the factor markets pay to households in the form of wages, interest, rent and profit?for resources demanded. e. The circuit is completed when the payments flow from households, through the product markets, and to the firms for the goods and services they demand.