A market is called monopolistically competitive if each firm has the same product but consumers can choose to purchase the product from any firm.

Members of the Board of Governors of the Federal Reserve System are appointed for life

a. True b. False Indicate whether the statement is true or false

Where can an economy not produce?

a. inside its production possibilities frontier b. on its production possibilities frontier c. outside its production possibilities frontier d. at the endpoints of its production possibilities frontier