All of the following are examples of product differentiation except one. Which is the exception?
a. developing a new video game or a computer program called "How to Teach Your New Dog Old Tricks"
b. manufacturing a car that minimizes outside noise relative to other cars
c. lowering the price of a good in a special sale
d. providing movies and special meals on airline flights
e. making sodium-free, caffeine-free colas
C
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Implicit costs are ________ and explicit costs are ________
A) costs that involve spending money; also costs that involve spending money B) nonmonetary costs; costs that involve spending money C) costs that involve spending money; nonmonetary costs D) nonmonetary costs; also nonmonetary costs
How might competition eradicate discrimination? Historically, has this been observed?
What will be an ideal response?
Total revenue increases if price ________ and demand is ________.
A. falls; elastic B. falls; inelastic C. rises; unit elastic D. rises; elastic
Hank requires 1 hour to cut the grass and 3 hours to clean the house. His sister Holly requires 1 hour to cut the grass and 4 hours to clean the house. Which of the following statements is true?
A) Hank has a comparative advantage in both cutting the grass and cleaning the house. B) Hank and Holly both have a comparative advantage in cutting the grass. C) Hank has a lower opportunity cost of cutting the grass. D) Hank has an absolute advantage in both cutting the grass and cleaning the house. E) Holly has a comparative advantage in cutting the grass.