Lisa prepared a delicious dinner for her friends after making the following purchases at the local supermarket. For which of the purchases would Lisa not be choosing among goods having product differentiation?
a. canned tomatoes
b. fresh eggplant
c. boxed spaghetti
d. shredded cheese
e. red wine
B
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Input choices in the present are often affected by past decisions.
Answer the following statement true (T) or false (F)
List and explain factors that influence consumption expenditure
What will be an ideal response?
Have you used ketchup? Have you bought ketchup in a supermarket? Consider the characteristics of market structures and decide to which the ketchup industry belongs
a. oligopoly because it represents competition among the few b. monopolistic competition because the demand curves for each brand is horizontal c. perfect competition because the good is identical (ketchup is ketchup) d. monopoly because the firm demand curve is the industry demand curve e. monopoly because there are no good substitutes
Suppose a firm experiences lower average costs whenever output increases in the long run. Then we would expect the firm to have:
A. a U-shaped long-run average cost curve. B. an L-shaped long-run average cost curve. C. a long-run average cost curve that always decreases. D. a minimum efficient scale relatively close to the origin.