Advertising can contribute to product differentiation.
Answer the following statement true (T) or false (F)
True
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A consequence of the quota that has been imposed on the importation of sugar into the United States is
A) competition in the U.S. sugar market is reduced. B) the market for sugar in the United States has become monopolistically competitive rather than oligopolistic. C) the cost of producing cereal, chocolate, and candy products in the United States is reduced. D) consumers are protected from eating unsafe products made from cheap imported sugar.
A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1. b. $20. c. $90. d. $900. e. $920.
Figure 10-7
Refer to Figure 10-7. Which of the diagrams in Figure 10-7 represents a decrease in consumer spending combined with a positive supply shock?
a.
Panels (A) & (B)
b.
Panels (C) & (D)
c.
Panels (A) & (C)
d.
Panels (B) & (D)
In which of the following instances is the effect on equilibrium price dependent on the magnitude of the shifts in supply and demand?
A. Demand rises and supply rises. B. Supply falls and demand remains constant. C. Demand rises and supply falls. D. Supply rises and demand falls.