________ firms use a product differentiation strategy to achieve market power.
A. Oligopolistic
B. Monopolistically competitive
C. Perfectly competitive
D. Monopolistic
Answer: B
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________ recognizes that obtaining any scarce good involves a cost which affects behavior and goal setting
a. The Dagher Theory b. Fiduciary thinking c. The Nish-Byer Theory d. Economic thinking
This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were not many other bidders you had to beat out d. you did not shade your bid enough
Ceteris paribus, economics predicts that voter turnout will be higher
A) the smaller the number of eligible voters. B) the larger the number of eligible voters. C) the easier it is to get to the polls on election day. D) a and c E) b and c
Entrepreneurship refers to:
A.) Natural resources, such as land and water. B.) Computer technology. C.) Skilled labor. D.) Ability to see market opportunities and the will to take risk