What is meant by the term homogeneous products? Give an example
What will be an ideal response?
Homogeneous products are products that are identical to or indistinguishable from
one another. An example would be a grade A, large egg. It is impossible to tell one
farmer's eggs from another.
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Excludability is the property of a good whereby
a. one person's use diminishes other peoples' use. b. a person can be prevented from using it. c. the government rations the quantity of a good that is available. d. the resource is congestible.
All capitalist economies
A. can operate without government establishing a legal system. B. create an equal distribution of income. C. depend on central planning. D. depend on the price mechanism.
Refer to the following graph. The price of labor is $3 per unit:
What is the price per unit of capital?
A. $2.00 B. $5.00 C. $1.50 D. $2.10
One effect of the Internet on business has been:
a. It has reduced start-up costs for many businesses. b. It has decreased the types of goods that are available to consumers. c. It has increased the prices of goods that are not purchased on the Internet.