In order for product differentiation to take place
A. there must be physical differences among the products.
B. there cannot physical differences among the products.
C. there may or may not be physical differences among the products.
B. there cannot physical differences among the products.
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If an individual's opportunity cost of commute is $300 per month and his monthly commuting time is 60 hours, his opportunity cost of time is:
A) $10 per hour. B) $5 per hour. C) $30 per hour. D) $60 per hour.
What are the problems with experimentation?
What will be an ideal response?
On a linear demand curve, the lower the price
A) the less elastic is demand. B) the more elastic is demand. C) the elasticity equals -1. D) the elasticity equals zero.
A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average variable cost curve
a. True b. False Indicate whether the statement is true or false