A monopoly:
A. is constantly threatened by the entry of new firms.
B. is constrained by demand.
C. is constrained because its decisions cannot affect market price.
D. faces a horizontal demand curve.
Answer: B
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The relationship between advertising and product differentiation is
a. positive; the more differentiated the product, the more a firm is likely to spend on advertising. b. negative; the more differentiated the product, the less a firm is likely to spend on advertising. c. zero; there is no relationship between product differentiation and advertising. d. irrelevant; firms with differentiated products do not need to advertise.
An important determinant of a country's standard of living is the amount of __________ it typically experiences
Fill in the blank(s) with correct word