Which of the following is not a source of product differentiation?
a. physical differences in products
b. differences in service provided by firms
c. differences in the location of sales outlets
d. All of the above are sources of product differentiation.
d
You might also like to view...
A downfall of the infant-industry argument is that
a. most industries need protection when they are mature, not when they are first established. b. the amount of the tariff is unlikely to have much impact on the success of an infant industry. c. once a tariff is granted, political pressure will likely force withdrawal of the tariff before the industry matures. d. once established, a tariff is politically difficult to remove.
What does efficiency mean?
a) Society is conserving resources in order to save them for the future b) Society's goods and services are distributed fairly among society's members c) Society has lessened its dependence on foreign energy sources d) Society is getting the most it can from its scarce resources
According to Adam Smith's theory of absolute advantage, who benefits from engaging in trade
What will be an ideal response?
The long-run aggregate supply curve is vertical, and the short-run aggregate supply curve is upward sloping
a. True b. False Indicate whether the statement is true or false