What are the different ways in which firms try to differentiate their product from those of competitors?
Firms try to differentiate their products from those of their competitors in terms of the physical aspects of the product, the location from which the product is sold, the intangible aspects of the product, and the perceptions of the product in the minds of buyers.
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Some firms have an incentive to advertise because they sell a
a. homogeneous product and charge a price equal to marginal cost. b. homogeneous product and charge a price above marginal cost. c. differentiated product and charge a price equal to marginal cost. d. differentiated product and charge a price above marginal cost.
Which of the following would be studied by a macroeconomist rather than a microeconomist?
A. shipping rates B. price of corporate stock C. market price of Japanese cars D. unemployment rate in the nation
According to the principle of subsidiarity, in which of the following areas should the authority for making decisions be taken from national governments and given to the EU?
A) Pollution of a trans-national waterway B) Limits on the hours retails stores are allowed to be open C) Highway traffic laws D) Recycling requirements on packaging
According to OSHA standards, the air in the building that a person works in is unsafe. The type of regulation that OSHA engages in is known as
A. command and control. B. social regulation. C. the market share test. D. economic regulation.