Product differentiation:
a. refers to the attempt of firms to make their products look like those of the other firms in the industry.
b. refers to the attempt of firms to make real or apparent differences in essentially substitutable products look different in the minds of the consumers.
c. refers to the advantage big firms have in research and development.
d. is a common characteristic of a perfectly competitive market structure.
e. is only employed in a monopoly market structure.
b
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Moving upward along the aggregate supply curve is equivalent to
A) moving downward along the short-run Phillips curve. B) shifting the short-run Phillips curve leftward. C) shifting the short-run Phillips curve upward. D) moving upward along the short-run Phillips curve. E) shifting the short-run Phillips curve rightward.
Once a government has provided a public good, everyone:
A. pays the cost. B. experiences negative externalities. C. experiences positive externalities. D. can obtain the benefit.
Refer to the list. As distinct from the supply factors and efficiency factor of economic growth, the demand factor(s) of economic growth is (are):
Use the list below to answer the following question: 1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. A. 1 only. B. 4 only. C. 1 and 3 only. D. 3 only.
If a monopolistic competitor earns a total profit of $6,000 by selling 50 units of output at a price of $400 per unit, its total cost of production is $14,000
a. True b. False Indicate whether the statement is true or false