According to this Application, clear property rights
A) hinder economic growth in developing nations.
B) have no impact on the economic growth of developed nations.
C) are important for economic growth in developing and developed nations.
D) are important for economic growth in developed nations, but not in developing nations.
C
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For the monopolistic competitor, which of the following is INCORRECT?
A) Because the firm is not a perfect competitor, its demand curve slopes downward. B) The marginal revenue curve is downward sloping and lies below the demand curve. C) The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. D) If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry.
The case of production with a single variable input is analogous to
a. changing the use of land, labor, and capital in production by a constant absolute amount. b. a controlled laboratory experiment in which the scientist permits one variable to change at a time. c. changing the use of land, labor, and capital in production by a constant percentage. d. specialization in one particular product by a company.