Product differentiation refers to:
A. the process of creating a standardized product with a lower-cost method than the competitors' method.
B. firms who offer similar products to their competitors' products, but that are more attractive in some way.
C. consumers who sort and group goods based on similar characteristics.
D. the process of informing the public of differences in products as a result of error.
Answer: B
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What is projected to be the greatest source of US electricity production by 2040?
a) Coal
b) Natural Gas
c) Nuclear
d) Solar
e) Wind
Which of the following is a difference between least absolute deviations (LAD) and ordinary least squares (OLS) estimation?
A. OLS is more computationally intensive than LAD. B. OLS is more sensitive to outlying observations than LAD. C. OLS is justified for very large sample sizes while LAD is justified for smaller sample sizes. D. OLS is designed to estimate the conditional median of the dependent variable while LAD is designed to estimate the conditional mean.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A. B. A to C. C. C to D. D. B to D.
In a simplified system, a bank receiving a new deposit can extend new loans equal to the amount by which its excess reserves increase
a. True b. False Indicate whether the statement is true or false