Food retailers usually do not compete on which of the following factors?
a. Price
b. Variety
c. Location
d. Packaging
D
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In a free-market economy, a product that entails a positive externality (additional social benefit) will be
A. overproduced. B. produced at the optimal level. C. underproduced. D. provided solely by the government.
Suppose a start-up company can operate from a traditional office space or from a virtual office in which there is no physical office location and the employees collaborate over internet connections from their individual homes
Shirking is more difficult to monitor under the virtual office plan. How would the efficiency wage and level of employment for the virtual office compare to the traditional office plan? A) Efficiency wage and employment are higher B) Efficiency wage is lower, employment is higher C) Efficiency wage is higher, employment is lower D) Efficiency wage and employment are lower
If a firm gets so large that management of employees and other resources becomes a costly problem, it will be experiencing
A) diseconomies of scale. B) diminishing marginal product. C) constant returns to scale. D) economies of scale.
Restricting imports
A. can protect United States final goods and services in the protected industry and increase economic welfare of the country as a whole. B. can protect United States jobs in the protected industry but will also lead to reductions in U.S. output and income. C. can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. D. can protect United States final goods and services in the protected industry and makes consumers better off.