In monopolistic competition, firms may differentiate their products in many ways except on the basis of:
a. quality.
b. style.
c. price.
d. packaging.
e. guarantees.
c
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Which of the following is NOT a direct determining factor of consumers' purchase decisions?
A) Consumers' tastes and preferences B) Market price of the finished goods C) Cost of factor inputs D) Consumers' income
Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPod music player. CEO Steve Jobs also unveiled cheaper models of its Touch music player, a touchscreen-only device
An 8-gigabyte version now costs $230, down from $300. A 32-gigabyte model costs $400, down from $500. Calculate the price elasticity of demand for a 32 gigabyte Touch player if the quantity demanded increases from 850,000 to 950,000 the month after the price decrease. A) 0.5 B) 1.5 C) 1 D) 0.75
The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. If Bob could keep $50 with certainty, his utility would be
A) a. B) b. C) c. D) d.
How are the marginal revenue product (MRP) curve and the demand curve for capital related?
a. MRP slopes downward, forcing demand to rise. b. The MRP and demand curves are the same. c. MRP slopes downward, pushing demand toward equilibrium. d. MRP crosses the demand curve at its lowest point.