Which of the following is true about the demand curve for a monopolistically competitive firm?
a. It is less elastic (steeper) than for monopoly, but more elastic (flatter) than for a perfectly competitive firm.
b. It is less elastic (steeper) than the demand curve for either a monopoly firm or a perfectly competitive firm.
c. It is more elastic (flatter) than the demand curves for either a monopoly firm or a perfectly competitive firm.
d. It is less elastic (steeper) than for a perfectly competitive firm, but more elastic (flatter) than for a monopoly firm.
d
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Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is
a. the value of the knowledge he would have received had he attended his classes. b. the $50 he could have earned if he had worked at his job for those four hours. c. the value of his time playing video games minus the value of attending classes. d. nothing, since he valued playing video games more than attending classes.
Each of the following is an example of capital, except
A. an office building. B. gold. C. an assembly line. D. a computer system