The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
a. AC and the demand curve occurs along the negatively sloped part of AC.
b. the demand curve and AC occurs at the minimum point of the AC curve.
c. AC and the demand curve occurs along the positively sloped part of AC.
d. MC and MR at the optimum output.
a
Economics
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If the cross-price elasticity of demand for computers and software is negative, this means the two goods are
A) normal. B) inferior. C) substitutes. D) complements.
Economics
The circular flow of economic activity is a model of the:
a. role of unions and government in the economy. b. influence of government on business behavior. c. flow of goods, resources, payments, and expenditures between the sectors of the economy. d. influence of business on consumers.
Economics