All of the following are examples of nonprice competition except
A. Zero economic profit.
B. Differentiation of service.
C. Advertising.
D. Quality differences.
Answer: A
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Blanket standards on imports usually address issues affecting:
A. domestic consumers. B. domestic producers. C. foreign production practices. D. They can be used to address any of these.
An inferior good is
a. any good of low quality b. one that consumers buy less of at a higher price c. one that consumers buy less of as their income rises d. one that has few substitutes e. any good made with inexpensive labor
Sales of intermediate goods and services (goods and services purchased for further reprocessing and resale) are excluded from GDP to avoid the problem of double counting, which is counting an item's value more than once
Indicate whether the statement is true or false
Trade dollarization refers to the phenomenon of:
a. the practice of insisting on trade in U.S. dollars. b. the fact that many international commodities are traded in U.S. dollars only. c. the fact that many dollars have flowed out of the U.S. and are used in other nations as their national currency. d. the falling dollar combined with a rising trade balance.