Product differentiation always exists in
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
B
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Explain the difference between a change in quantity demanded and a change in demand
What will be an ideal response?
If the labor market worked efficiently, then an effective minimum wage law would:
A. cause unemployment. B. hold wages higher than the equilibrium price. C. help those who were employed at that price. D. All of these statements are true.
The “cost disease of personal services” phenomenon helps explain why medical care has become so expensive.
Answer the following statement true (T) or false (F)
If a country has an undervaluation problem, the best solution is to
A. sell more of its currency in the foreign exchange market. B. buy less of its currency in the foreign exchange market. C. increase the money supply. D. lower the official rate.