Product differentiation means
A) making a product that has perfect substitutes.
B) making a product that is entirely unique.
C) the inability to set your own price.
D) making a product that is slightly different from products of competing firms.
E) making your demand curve horizontal.
D
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Compared to an economy that uses a medium of exchange, in a barter economy
A) transaction costs are higher. B) transaction costs are lower. C) liquidity costs are higher. D) liquidity costs are lower.
Specialization and exchange result in
a. lower production levels than would otherwise be possible b. higher living standards than would otherwise be possible c. more down-time as workers switch activities more frequently d. the assignment of workers to activities according to their preferences e. self-sufficiency
Bill spent $15,000 to buy equipment for his paper-cup manufacturing plant. According to an economist, the amount spent by Bill is: a consumption expenditure.a consumption expenditure. a. a saving
b. an investment. c. a tax to the government. d. a consumption expenditure.
The pollution market failure is an example of the free rider problem
a. True b. False Indicate whether the statement is true or false