When Crest claims that its toothpaste product whitens teeth more than the products of its competitors, Crest is practicing
A) product differentiation.
B) false advertising.
C) marginal revenue pricing.
D) marginal cost pricing.
Answer: A
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A market structure in which a small number of producers compete against each other is
A) monopolistic competition. B) oligopoly. C) monopoly. D) perfect competition.
One reason why the price elasticity of demand for cigarettes is large for young smokers is that
a. they have large discretionary incomes b. the price of cigarettes increased recently c. they are no longer permitted to smoke in public d. cigarette advertising on television has been banned e. the proportion of income a young smoker spends on cigarettes is usually quite large
Macroeconomic statistics tell us about a particular household, firm, or market
a. True b. False Indicate whether the statement is true or false
Two economists created fake resumes with either common African-American names such as Lakisha and Jamal or common white names such as Emily and Greg. After sending them to potential employers with "Help Wanted" ads in Boston and Chicago newspapers, they found that
a. black employees earned 50 percent less than white employees in Chicago but that blacks and whites had similar wages in Boston. b. black employees earned 50 percent less than white employees in Boston but that blacks and whites had similar wages in Chicago. c. job applicants with white names received 50 percent more phone calls from interested employers. d. job applicants with white names received 7 percent more phone calls from interested employers.