Monopolistically competitive firms have no benefits to consumers relative to perfectly competitive firms.
Answer the following statement true (T) or false (F)
False
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The price of peaches goes up and I observe you buying more strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
A reason why there is more competition among restaurants than among large discount department stores is that restaurants
A) have more elastic demand for their product compared to department stores. B) unlike department stores, do not have significant economies of scale. C) unlike department stores, have to abide by government sanitation rules. D) have to cater to a variety of consumer tastes while department stores do not.
Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) an inferior good; very small B) a normal good; very large C) an inferior good; very large D) a normal good; very small
The internet auction site eBay is an example of a(n)
A) Sealed Bid Auction. B) Second-Price Auction. C) English Auction. D) Both A and B.