Monopolistic competition and oligopoly are alike because firms in both market structures have some market power.

Kelly and David are both capable of repairing cars and cooking meals. Which of the following scenarios is not possible?

a. Kelly has a comparative advantage in repairing cars and David has a comparative advantage in cooking meals. b. Kelly has an absolute advantage in repairing cars and David has an absolute advantage in cooking meals. c. Kelly has a comparative advantage in repairing cars and in cooking meals. d. David has an absolute advantage in repairing cars and in cooking meals.

In the United States, the federal minimum wage in early 2016 was:

A. $7.73 per hour. B. $8.00 per hour. C. $6.50 per hour. D. $7.25 per hour.