Products traded between two nations that are very similar and very close substitutes, but that may be of different quality or prices, are called:
a. differentiated complements.
b. differentiated substitutes.
c. differentiated products.
d. perfect substitute products.
Ans: c. differentiated products.
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A firm has explicit costs of $110,000 and total revenue of $120,000. Which of the following is true about the firm?
A) The firm might be making an economic profit but we need more information about implicit costs to know for sure. B) The firm is definitely making an economic profit because it must be minimizing its opportunity cost. C) The firm is incurring an economic loss if implicit costs are $10,000. D) The firm is making a normal profit if implicit costs are $0. E) The firm may be making an economic profit but only if implicit costs are negative.
Quantity demanded is affected not just by price but by other variables, such as income and the prices of other goods.
Answer the following statement true (T) or false (F)
The shortfall between actual real GDP and potential GDP
a. decreases as the unemployment rate rises. b. increases as the unemployment rate rises. c. increases as the employment rate rises. d. decreases as the labor force increases.
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, its marginal revenue is positive
A. at all prices above $3.00. B. at all prices. C. at all prices below $3.00. D. at all price but $3.00.