When a real estate agent says the three most important factors when buying a property are "location, location, location," the agent is referring to one of the forms of _____.
(A) Oligopoly
(B) Collusion
(C) Nonprice competition
(D) Monopolistic competition
Ans: (C) Nonprice competition
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An import is a product
A) produced in and purchased by residents of the home country. B) produced in the home country and sold in another country. C) produced in and sold to the residents of a foreign country. D) produced in a foreign country and purchased by the residents of the home country.
Industry X, which is perfectly competitive, is in long-run equilibrium. Assume a new law is passed that requires employers in industry X to provide health insurance to previously uninsured employees
As a result of this new requirement we would expect to observe: A) a decrease in price and an increase in total output in industry X. B) a decrease in price and total output in industry X. C) an increase in price and a decrease in total output in industry X. D) an increase in price and total output in industry X.
If Chinese consumers want to buy US goods, they will
a. Buy Yuan and sell US Dollars b. Sell Yuan and buy US Dollars c. Neither buy nor sell Yuan d. Neither buy nor sell dollars
Other things equal, increasing home prices tend to
A. force homeowners to spend less than they earn. B. increase the likelihood that homeowners will default on their mortgages. C. allow homeowners to spend more than they earn. D. leave homeowners' ability to spend unaffected.