All of the following, except one, are sources of product differentiation. Which is the exception?
a. product quality
b. location
c. price
d. consumer tastes
e. buyers' perceptions
C
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Which of the following is a diversity of industry argument in favor of restrictions on foreign trade? a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from the lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods. d. Don't have all of your eggs in one basket. e. Industries in the early stages of development must be protected from more mature producers.
If your neighbors remove the weeds in their yard and this activity prevents weed seeds from blowing into your yard, the benefit you receive is a public good.
Answer the following statement true (T) or false (F)
According to the demand pull theory, which is responsible for inflation?
a. producers raise prices to meet existing demand b. the economy is in a wage price spiral c. too much money is in circulation d. Demand for goods and services exceeds existing supply
Refer to the graph shown that depicts a third-party payer market for prescription drugs. If the co-payment is $2 per pill, what will be the quantity demanded?
A. 15 B. 30 C. 60 D. 45