What are the similarities between utility and temperature?
What will be an ideal response?
The scales of both utility and temperature are arbitrary. The units used to measure both can be changed without changing their predictive abilities. For instance, the scale used to "measure" utility can be changed without consequence and the scale used to measure temperature (such as Celsius, Fahrenheit, or Kelvin) also can be changed without consequence. Additionally, although neither utility nor temperature can be directly observed, both can be used to make predictions about the observable world.
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In 1980, if the foreign exchange rate was $1 dollar was equivalent to 4 German marks, then one mark was worth __________.
Fill in the blank(s) with the appropriate word(s).
Monopolistic competition differs from perfect competition because
A. monopolistic competitors have few firms in each industry. B. monopolistic competitors have a significant influence over the market price. C. monopolistic competitors do not produce at the lowest point on the average total cost curve. D. monopolistic competitors can make a profit even in the long run.