If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?
A) the number of firms in the market
B) the number of close substitutes for the good being produced
C) the number of buyers in the market
D) if the good being sold is a normal or inferior good
Question 2
When real GDP increases, people demand
A) the same quantity of real money.
B) less real money.
C) more real money.
D) more money in nominal terms but less in real terms.
