Advertising to differentiate your product most often occurs in what type of industry?
a. Industries that produce agricultural crops
b. Industries with monopolies
c. Industries with monopolistic competition
d. Perfectly competitive industries
c. Industries with monopolistic competition
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If private property rights were established in the air, there would probably be
A. more air pollution. B. less air pollution. C. the same amount of air pollution that exists without private property rights in the air. D. better weather.
If the initial distribution of labor and capital is Pareto optimal, which of the following statements is TRUE?
A) It is possible to reallocate labor and capital across industries so as to increase the production of one good without decreasing the production of another good. B) It is possible to reallocate labor and capital across industries so as to increase the production of one good, but only by reducing the production of another good. C) It is possible to reallocate labor and capital across industries so as to increase the production of every good. D) none of the above
A movement along the consumption function can be caused by a
A. decrease in taxes. B. well performing stock market. C. newly found $100,000 inheritance. D. check from sold mutual funds.
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. profit margin. C. mark up. D. value of the final product.