A group of firms are selling undifferentiated products if
A) consumers perceive the products identical between the firms.
B) production costs are the same for all firms.
C) the firms are selling goods that are identical, though consumers view them as different.
D) the firms are part of a single cartel.
A
You might also like to view...
In the income-expenditure model, for each price level there is a different equilibrium output level. These various price level and equilibrium output combinations are used to derive
A) the slope of the planned expenditures line. B) the aggregate supply curve. C) the aggregate demand curve. D) a point on the aggregate demand curve.
What must be true for a producer to obtain a producer surplus from the sale of a unit of a good?
What will be an ideal response?
Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics increases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium quantity of university economics professors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity.
Investment averages about ____ of GDP
a. 1/6 b. 1/8 c. 1/4 d. 1/2