Which of the following products will be sold by a differentiated oligopoly?
a. Automobiles
b. Dairy products
c. An ingot of steel
d. A barrel of oil
a
You might also like to view...
According to its advocates, what are four advantages product differentiation and advertising provide to consumers?
What will be an ideal response?
A firm practices input substitution when it
a. retrains Joe the welder as a painter and Pat the painter as a welder. b. buys extra machines for its workers to use. c. allows fixed cost to become variable. d. replaces unskilled labor with automated machinery.
Assume the government decides to reduce spending in order to reduce the budget deficit, which it financed by borrowing in the real credit market. What is the first round effect on the value of the domestic currency, if there is high mobility in the international capital markets?
a. The value of the currency rises. b. The value of the currency falls. c. The value of the currency is unaffected. d. The change in the value of the currency is ambiguous.
An increase in the price of imported coffee shows up
a. in the consumer price index and in the GDP deflator. b. in the consumer price index, but not in the GDP deflator. c. in the GDP deflator, but not in the consumer price index. d. in neither the consumer price index nor in the GDP deflator.