One implication of goods being standardized in a market is:
A. the market has a low degree of competition.
B. the government regulations must promote competition and lower prices to be efficient.
C. the similarity in products may be real or perceived.
D. there are no information asymmetries.
Answer: D
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If its exports are greater than its imports, then a country has a:
A. trade deficit. B. trade surplus. C. government budget surplus. D. government budget deficit.
The following are hypothetical exchange rates: $1 = 140 yen; 1 Swiss franc = $0.10. We can conclude that ________.
A. 1 yen = 14 Swiss francs B. 1 yen = 280 Swiss francs C. 1 Swiss franc = 14 yen D. 1 Swiss franc = 28 yen
Suppose the marginal tax rate is 37 percent for an income level of $50,000 and 39 percent for an $80,000 income. This implies that the underlying tax structure is _____ in nature
a. fixed b. progressive c. regressive d. lump-sum e. proportional
Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies. B. higher rates of infant mortality. C. higher material standards of living. D. higher rates of literacy.