Each of the following, except one, is a characteristic of a monopolistically competitive market. Which is the exception?
a. differentiated products
b. no significant barriers to entry
c. many buyers
d. a standardized product
e. many sellers
D
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Suppose a roll of paper towels costs $5 at Sam's Quick Stop, a local quick stop, and the same roll of paper towels costs $2 at Big Supplies, a large, retailer located in a more remote location. If a customer's total cost of travel to Sam's Quick Stop is $2 and is $6 to Big Supplies, which of the following is true?
A) The consumer is indifferent as to where they buy the paper towels. B) It is cheaper for the consumer to buy the paper towels at Sam's Quick Stop. C) It is cheaper for the consumer to buy the paper towels at Big Supplies. D) It is more expensive for the consumer to buy the paper towels at Sam's Quick Stop.
An organization with hierarchy
A) is needed to define property rights between knowledge workers. B) remains an effective way to manage knowledge workers. C) is not an effective way to manage knowledge workers. D) none of these choices.
What type of government policy involves raising or lowering taxes, and increasing or decreasing government spending?
A. Disciplinary B. Monetary C. Fiscal D. Social
If a firm is producing at the kink in its demand curve and it decides to decrease its price, according to the kinked demand model
A. It will lose market share, but its profits will decrease. B. It will gain market share. C. It will lose market share to the firms that do not follow the price decrease. D. Its market share will not be affected.