Product differentiation involves making a product that is
A) slightly different from the products of competing firms.
B) no different than the products of competing firms.
C) very different from the products of competing firms.
D) completely different from the products of competing firms.
E) cheaper than the products of competing firms.
A
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The supply of labor to the individual firm in a perfectly competitive market is
A) perfectly inelastic at the current equilibrium employment level. B) perfectly elastic at the current market clearing wage rate. C) downward sloping. D) equal to the marginal revenue of output.
Income is measured as
a. average cash holdings per time period. b. change in cash holdings per time period. c. some amount per time period. d. some amount at a point in time.
If the demand for a good rises by more than the supply of the good falls, then the good's equilibrium price will __________ and its equilibrium quantity will __________
A) rise; fall B) rise; rise C) fall; fall D) fall; rise
The investment component of GDP measures spending on
a. financial assets such as stocks and bonds. During recessions it declines by a relatively large amount. b. residential construction, business equipment, business structures, and changes in inventory. During recessions it declines by a relatively large amount. c. financial assets such as stocks and bonds. During recessions it declines by a relatively small amount. d. residential construction, business equipment, business structures, and changes in inventory. During recessions it declines by a relatively small amount.