Product differentiation refers to:
A. firms who offer similar products to their competitors' products, but that are more attractive in some way.
B. the process of creating a standardized product with a lower-cost method than the competitors' method.
C. the process of informing the public of differences in products as a result of error.
D. consumers who sort and group goods based on similar characteristics.
A. firms who offer similar products to their competitors' products, but that are more attractive in some way.
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In the monopolistic competition model, the attribute of free entry suggests that: a. all firms earn zero economic profits in the long run
b. some firms will be able to earn economic profits in the long run. c. some firms will be forced to incur economic losses in the long run. d. the market structure will eventually be characterized by perfect competition in the long run.
Statistical studies in the United States have reached the conclusion that for low-income workers
a. the substitution effect is greater than the income effect. b. the income effect is greater than the substitution effect. c. the income effect is about equal to the substitution effect. d. the substitution effect is of the "wrong" sign.
Unions have the power to
a. set all working rules. b. increase the firm's total taxes. c. push wages above competitive levels at times. d. make a firm nationalized.
Senator Smith says that in order to help poor countries develop, the United States should: 1 . Prevent U.S. corporations from investing in poor countries because they take profits that the poor countries should have; 2 . Not import goods from poor countries that use child labor; 3 . Work to promote political stability in poor countries; and 4 . Reduce poor countries' reliance on market forces in
their economies. How many of these ideas are likely to help poor countries grow? a. 1 b. 2 c. 3 d. 4