According to the graph shown, the equilibrium price is ______ and equilibrium quantity is ____.
According to the graph shown, the equilibrium price is ______ and equilibrium quantity is ____.
A. $5; 30
B. $10; 20
C. $20; 10
D. $15; 30
B. $10; 20
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Product differentiation involves making a product that is
A) slightly different from the products of competing firms. B) no different than the products of competing firms. C) very different from the products of competing firms. D) completely different from the products of competing firms. E) cheaper than the products of competing firms.
All these are characteristics of a monopoly except,
a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market
Many social policies, such as progressive income tax systems, are based on the idea that
a. everyone values money the same b. politicians are more responsive to the interests of the rich c. interpersonal comparisons of utility, however difficult, can be made d. the poor have a lower consumer surplus than the rich e. everyone has the same utility function
What economic concept would be most closely associated with a situation where an aluminum plant uses extensive computerization on the production line to reduce per-unit costs of production?
A. Infrastructure. B. Economies of scale. C. Network effects. D. Human capital.