The sales of firms can
A) flow with the business cycle.
B) oppose the business cycle.
C) be largely independent of the business cycle.
D) all of these choices.
D
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The effect of opening trade between countries is
A. living standards rise in the country with efficient, high-pay workers. B. both countries can exploit comparative advantage and increase productivity. C. total world production increases as both countries specialize in specific goods. D. All of the above are correct.
Demand and marginal revenue curves are downward sloping for monopolistically competitive firms because:
A. product differentiation allows each firm some degree of monopoly power. B. there is free entry and exit. C. there are a few large firms in the industry and each acts as a monopolist. D. mutual interdependence among all firms in the industry leads to collusion.