Brand names are an example of
A) economies of scale.
B) product differentiation.
C) oligopoly.
D) illegal barriers to entry.
B
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Adam Smith’s discussion of the production in a pin factory illustrates the law of comparative advantage.
Answer the following statement true (T) or false (F)
Long-term debt has a maturity that is
A) between one and ten years. B) less than a year. C) between five and ten years. D) ten years or longer.
Which of the following has the highest Herfindahl-Hirschman index?
A) monopoly B) monopolistic competition C) oligopoly D) any of the above, depending on the size of firm sales
The production possibilities curve for guns and butter in both Canada and the U.S. are straight lines. Suppose for Canada, the opportunity cost of producing butter is 1/2 gun. What must the opportunity cost of producing butter in the U.S. be if it specializes in guns and Canada specializes in butter?
a. more than 2 b. 2 c. 1/2 d. less than 1/2 e. more than 1/2