The automobile industry is
a. in monopolistic competition because brand names are important
b. in monopolistic competition because it has economies of scale
c. in monopolistic competition for legal reasons
d. an oligopoly because each firm must produce a large amount of output before it can achieve low average costs
e. an oligopoly for legal reasons
D
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Fiat money means
A) only currency counts as money. B) the money can be converted into gold. C) the government has decreed that something is money. D) Italian currency. E) money's value does not change.
A curve with a positive but decreasing slope represents a relationship where, every time the variable measured along the horizontal axis increases by one unit, the variable measured along the vertical axis
A) increases by a decreasing amount. B) decreases. C) does not change by much. D) increases by an increasing amount. E) increases by a constant amount.