Which set best describes the basic features of monopolistic competition?
A. Easy entry, few firms, and standardized products.
B. Easy entry, many firms, and differentiated products.
C. Barriers to entry, few firms, and differentiated products.
D. Barriers to entry, many firms, and standardized products.
Answer: B
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Core competency occurs when: a. a business focuses on a wide range of products rather than a few products. b. a business focuses on one or few products rather than a wide range of products. c. a business sells products at a high price
d. a business is merged with another profit-making business.
Consider a worker who dislikes working end enjoys consuming a composite good. With labor hours on the horizontal and the composite consumption good on the vertical axis, which of the following statements are true.
A. If the worker's tastes are convex, the slope of indifference curves increases as we move to the right in the graph. B. The worker becomes better off as we move to the northwest in the graph. C. A tax on wage income does not change this worker's indifference map. D. All of the above. E. None of the above.