Branding:
A. promises the differences in products are completely perceived and not real.
B. can be a barrier to entry.
C. guarantees high-quality products.
D. All of these statements are true.
Answer: B
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If the HHI for an industry equals 3,200,
A) firms in the industry are most likely to make zero economic profit B) the industry is probably an oligopoly C) firms in the industry are likely to act independently of each other D) firms in the industry must enter a cartel in order to earn an economic profit E) the industry is almost surely monopolistic competition
Geographically, a higher percentage of the poor live in the
a. Northeast. b. South. c. Midwest. d. West.
The real core of the economic problem is to: a. increase the amount of leisure time available to people
b. guarantee everyone on the planet a minimum level of food, shelter and clean water. c. allocate limited resources among competing uses. d. eliminate scarcity.
The potential buyer of a house has less information about the house than the seller of the house. This is a case of
A) externality information. B) free ridership. C) asymmetric information. D) biased information. E) a public good not being a private good.