Answer the following questions true (T) or false (F)
1. Non-price competition refers to actions that attempt to increase the demand for a product or service via product differentiation.
2. Barriers to entry are more likely to be stronger under monopolistic competition than under an oligopoly.
3. The U.S food and fiber system is one of the least regulated industries in the economy.
1. TRUE
2. FALSE
3. FALSE
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S2 (point E)
If the technology to produce motorcycles improves and the number of buyers increases, how will the equilibrium point change? A) The equilibrium point will move from E to C. B) The equilibrium point will remain at E. C) The equilibrium point will move from E to B. D) The equilibrium point will move from E to A.
If the demand for a good decreases as income decreases, then the good is a(n):
A. substitute good. B. inferior good. C. normal good. D. complementary good.
A company that explicitly takes on a social mission in addition to profit-seeking is considered a:
A. nonprofit organization. B. social welfare organization. C. benefit corporation or L3C (low profit limited liability company). D. social partnership.
What is the economic way of thinking, and why is it important?
What will be an ideal response?