Which of the following would undermine a firm's product differentiation?
a. duplicating another firm's good
b. advertising
c. being awarded a patent
d. developing brand loyalty
e. having fewer close substitutes
A
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When the price of a normal good falls, then:
a. both the income and substitution effects combine to cause the quantity demanded to increase. b. the substitution effect will cause people to buy more because the good is relatively less expensive. c. the income effect will cause people to buy more because of the increased purchasing power associated with the lower price. d. all of these.
If Johanna purchases a bond for $4,500 that promises to pay her $5,000 one year later, what is the interest rate on the bond?
a. 5.3 percent b. 5.6 percent c. 10.0 percent d. 11.1 percent e. 10.5 percent
A straight-line Lorenz curve shows
A) an equal distribution of money income. B) a greater than proportionate share of income going to middle-income households. C) a high incidence of absolute poverty. D) a highly unequal distribution of income.
In the corporate world of business, the principal-agent problem arises between:
A. Workers and managers B. Managers and stockholders C. Stockholders and bondholders D. Corporations and their banks