You shop at the local drugstore because it is convenient. This situation is best described as:
a. a market with horizontal demand.
b. monopolistic competition with differentiation by location.
c. differentiation by a cartel.
d. differentiation by style or type.
Answer: b. monopolistic competition with differentiation by location.
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Most economists estimate that the U.S. factor of production most likely to be hurt by the formation of the NAFTA is unskilled U.S. labor
Indicate whether the statement is true or false
Some industries have argued that since their output is vital for national defense, they should be entitled to additional trade protection
Indicate whether the statement is true or false
Nominal net farm income ________ dramatically during the 2007-2009 great recession
Fill in the blank(s) with correct word