In the long run, a perfectly competitive industry tends to develop differentiated products.
Answer the following statement true (T) or false (F)
False
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If the demand for one good decreases when the price of another good increases, the two goods are ________ goods
A) normal B) inferior C) complementary D) substitute
Recessions are typically
A) unintended and disruptive. B) easy to predict in advance. C) the result of non-monetary disturbances. D) events economists have a hard time explaining.
User reviews of products on store websites that reassure buyers of the quality is an example of:
A. screening. B. building a reputation. C. statistical discrimination. D. None of these statements is true.
The Interstate Commerce Commission regulated the trucking industry for many years in order to
a. shield the railroads from competition in trucking b. prevent economic profits from being made c. regulate the truck monopoly in the interests of the consumer d. prevent economies of scale from occurring e. punish truck drivers for unionizing