Which of these is a characteristic of monopolistic competition?
a. There are barriers to the entry of new firms
b. There are many firms with no control over price.
c. The product of each firm is a close substitute of the products produced by other firms.
d. The product of each firm is unique and entirely different from the products produced by other firms.
c
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According to the quantity theory of money, inflation is caused by
A) the money supply growing faster than real GDP. B) GDP growing at the same rate as the money supply. C) the money supply growing slower than real GDP. D) GDP growing faster than the money supply.
Structural unemployment includes: a. unemployment caused by workers who leave positions to seek better jobs
b. unemployment caused by automation that displaces workers from their jobs. c. unemployment caused by a decline in the economy's total production. d. unemployment caused by the geographical and occupational mobility of the labor force.