Advertising is used by firms in a monopolistic competitive industry to
A) differentiate their product from those of competitors.
B) increase brand loyalty.
C) increase demands for their individual products.
D) all of the above.
D
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According to liquidity preference theory, equilibrium in the money market is achieved by adjustments in
a. the price level. b. the interest rate. c. the exchange rate. d. real wealth.
Process innovation causes an upward shift in a firm's total product curve and:
A. a decrease in its average product. B. a downward shift in its average total cost curve. C. an upward shift in its average total cost curve. D. an upward shift in its marginal revenue curve.
Economic income is equal to consumption plus changes in net worth.
Answer the following statement true (T) or false (F)
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 tariff is imposed on imported rice, the change in consumer surplus is
A) c + d. B) c + d +g. C) a + b + c + d. D) f + g.