Brand names and packaging are forms of product differentiation under monopolistic competition.
Answer the following statement true (T) or false (F)
True
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When technology advances, supply
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
A farmer produces oranges and sells them to Fresh Juice, which makes orange juice. The oranges produced by the farmer are called
a. inventory goods. b. transitory goods. c. final goods. d. intermediate goods.
Once we enter the region of diminishing returns, total variable cost
A. decreases at a decreasing rate. B. decreases at an increasing rate. C. increases at a decreasing rate. D. increases at an increasing rate.
Although the European Union is a common market, member countries have different economic growth rates.
a. true b. false