Product differentiation exists within an industry if
A) there are no substitutes for a product.
B) there are close but not perfect substitutes for a product.
C) the firm can sell all it wants at the chosen price.
D) there is a monopoly.
B
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Job rationing occurs when the real wage rate is
A) above the equilibrium wage rate so there is a shortage of labor. B) above the equilibrium wage rate so there is an excess supply of labor. C) equal to the equilibrium wage rate so there is no excess supply of labor. D) below the equilibrium wage rate so there is an excess supply of labor. E) Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor.
Refer to Table 4.2. With which scenario will you be best off by investing in Japanese bonds instead of U.S. bonds?
A) A B) B C) C D) D
Which of the following explains why individuals must make choices?
a. competition among firms b. scarcity of resources c. inflation d. changes in the money supply e. conflict between positive and normative economic statements
If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:
A. 3. B. 300. C. 1. D. ?1.