Product differentiation
A) may allow firms to price above a competitive level.
B) generates value as consumers value more choices.
C) depends on perceived differences between products.
D) All of the above.
D
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Discrimination ________ the group being discriminated against and ________ the group being favored
A) decreases the demand for; increases the demand for B) increases the demand for; decreases the demand for C) decreases the supply of; increases the supply of D) increases the supply of; decreases the supply of
If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X
a. will cause total spending on good Y to rise. b. will cause total spending on good Y to fall. c. will cause total spending on good Y to remain unchanged. d. will have an indeterminate effect on total spending on good Y.
In the short-run macro model, an increase in the money supply will
a. move the economy to the right along the aggregate expenditure line. b. move the economy to the left along the aggregate expenditure line. c. shift the aggregate expenditure line upward. d. shift the aggregate expenditure line downward. e. cause the aggregate expenditure line to rotate until it is flat.
Describe the process by which the market for capital and the market for land reach equilibrium. As part of your description, elaborate on the role of the stock of the resource versus the flow of services from the resource