Brand name aspirin is chemically identical to store brand aspirin. Yet, consumers often prefer the brand name product to the store brand product. This preference is an example of
A) product differentiation.
B) perfect product competition.
C) oligopolistic product competition.
D) price taking behavior.
A
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Point out the main differences in job conditions and worker characteristics between the urban formal and informal sectors
What will be an ideal response?
Acme Steel Co produces 1000 tons of steel. Steel sells for $30 per ton. Acme pays wages of $10,000. Acme buys $15,000 worth of coal, which is needed to produce the steel. Acme pays $2,000 in taxes. Acme's contribution to GDP is
A) $15,000. B) $20,000. C) $30,000. D) $45,000.
All else equal, anything that decreases the transportation costs ________ the number of consumers shopping at ________.
A) does not change; local, more expensive stores B) increases; local, more expensive stores C) does not change; larger, less expensive stores D) increases; larger, less expensive stores
The Emission Trading Scheme of the European Union
A) created a market for pollutants. B) sets a cap on the amount of pollutants in each country. C) allowed firms to benefit from emitting pollutants. D) sets the amount of per-unit tax on each pollutant.