A student wrote: "Monopolistic competition is a market structure in which a small number of firms compete by making an identical product." If you were the instructor, how would you correct this statement?
What will be an ideal response?
The answer is wrong in several respects: Monopolistic competition is a market structure in which a small large number of firms compete by making an identical product similar but slightly different products.
Economics
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Which of the following is NOT one of the functions of money?
A) protection from increases in prices of goods and services B) store of value C) medium of exchange D) unit of accounting
Economics
Countries with stable inflation rates tend to have ________ SAS curves
A) flat B) steep C) flat or steep D) None of the above. All countries have SAS curves with almost the same slope.
Economics