A product that is a close substitute but not a perfect substitute for the products of the other firms is called
A) a homogeneous product.
B) an efficient product.
C) a differentiated product.
D) an inelastic product.
C
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a per-unit tariff of Pt?Pc, the total amount of tariff revenue collected on this product will be
A. Pa?Pt times y?w. B. Pt?Pc times y?w. C. Pt?Pc times z. D. Pa?Pc times x.
If the economy is in recession, explain what advice you would give the President if you were a classical economist. What advice would you give if you were a Keynesian?
A rising budget deficit created through government spending may result in a fall in domestic investment, a rise in private savings, or a rise in the _________ deficit.
a. economic b. trade c. government d. savings
When quantity demanded is greater than quantity supplied, market price is ________ the equilibrium price.
Fill in the blank(s) with the appropriate word(s).