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Economics Model Answers Thirteen (view source)
Revision as of 17:22, May 20, 2007
, 17:22, May 20, 2007→Introductory:: a start
1. The curve that illustrates how much a company or country can produce of multiple items is called the ________________________.
1. The curve that illustrates how much a company or country can produce of multiple items is called the ________________________.
'''[[Production Possibility Curve]].'''
2. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:
2. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm:
<br>(a) There are low barriers to entry
<br>(b) MR = MC in the long run.
<br>(c) P > MC
<br>(d) There are many competitors.
(a) There are low barriers to entry
'''Answer is (c). For a perfectly competitive firm, P=MC.'''
===Intermediate===
===Intermediate===