The opportunity cost of watching television is:
A. all of the alternative programs that appear on other stations.
B. zero because there is no money expenditure involved.
C. the alternative use of the time foregone by watching the program.
D. zero if it benefits you.
Answer: C
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In order to differentiate their product brands from those of competing firms, monopolistically competitive firms
A. advertise their product. B. spread false rumors about their competitors. C. take their competitor's reactions to changes in their policies into account. D. equate marginal cost to marginal revenue to determine the profit maximizing quantity.
A market with one seller, considerable influence over price, high barriers to entry, a homogeneous product, and non-price competition to allow for price discrimination is known as
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.
Which of the following is an example of price discrimination?
a. $6 foot-long subs at Subway b. Little Roman's pizza menu with the following prices: cheese pizza = $8, supreme = $11 c. the McPick 2 menu at McDonald's d. airlines charging lower prices for those who book in advance
A good that is perfectly standardized is:
A. indistinguishable to others in the market. B. fairly close to others in the market. C. determined to be the same by government. D. likely to be interchangeable with others in the market.