When people use a recognition heuristic, they often get answers right because the correct answer is usually the one they are familiar with while the incorrect answer is the one which is unfamiliar to them
Indicate whether the statement is true or false
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In monopolistic competition there are ________ barriers to entry, so therefore in the long run, economic profit ________
A) no; is substantial B) no; equals zero C) many; equals zero D) many; is substantial E) many; might be earned depending on the degree of product differentiation
According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty
India has averaged 7 percent growth in GDP since 1997. Which of the following is TRUE? A) India's PPF has been shifting rightward since 1997. B) India's PPF has been shifting leftward since 1997. C) India has been moving from a point within its PPF to points beyond its PPF. D) India's PPF has not shifted since 1997.