Advertising is used by firms in a monopolistic competitive industry to
A. increase brand loyalty.
B. differentiate their product from those of competitors.
C. increase demands for their individual products.
D. all of these.
Answer: D
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As a firm increases its output, its average total cost decreases. This is an outcome of:
A) the Law of Demand. B) economies of scale. C) diseconomies of scale. D) the Law of Diminishing Returns.
Substantial co-payments are typically not required as a part of the health care system in
A) the United States and Japan. B) Japan and Canada. C) Canada and the United Kingdom. D) Japan and the United Kingdom.
The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
a. 68.26% b. 2.28% c. 34% d. 15.87% e. none of the above
An increase in demand and an increase in supply will lead to
A. unambiguous increases in both price and quantity. B. unambiguous decreases in both price and quantity. C. an unambiguous increase in quantity, but the effect on price is indeterminate. D. an unambiguous increase in price, but the effect on quantity is indeterminate.