A local restaurant has prepared a new recipe for its lunch menu. Which form of nonprice competition is this?
(A) Physical characteristics
(B) Location
(C) Image
(D) Service level
Ans: (A) Physical characteristics
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In macroeconomics, a period during which some resource prices, especially those for labor are fixed by explicit or implicit agreement is called:
a. expansionary gap b. contractionary gap c. short-run d. long-run
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
At its profit-maximizing output, a pure nondiscriminating monopolist achieves:
A. neither productive efficiency nor allocative efficiency. B. both productive efficiency and allocative efficiency. C. productive efficiency but not allocative efficiency. D. allocative efficiency but not productive efficiency.
Which of the following statement(s) is (are) false?
A) If the change in total utility for apples is 50 utils and the change in consumption of apples is 5 units, then marginal utility is 10. B) Economists do not actually need to measure the level of satisfaction to discern preferences for alternative combinations of goods. C) The concept of elasticity of demand was originated by Alfred Marshall. D) None of the above (that is, all statements are true).