In industries where government regulates price, individual firms often engage in product differentiation.
Answer the following statement true (T) or false (F)
True
Regulated airline carriers pursued product differentiation by offering special meals, first-run movies, free drinks, better service, and wider seats. This nonprice competition further inflated average costs and reduced profits.
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The unemployment rate is 6 percent. If the population is 300 million, and the number unemployed is 6 million and the number employed is 94 million, what is the size of the labor force?
What will be an ideal response?
As output rises, the monopolist's marginal revenue
A. remains identical to price. B. stays constant. C. declines as quickly as price. D. declines more quickly than price.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
In a market-based economy, only the government can reduce economic uncertainty.
Answer the following statement true (T) or false (F)