Apple improves the resolution of its iPhone camera by doubling the number of megapixels. This is an example of vertical differentiation.
Answer the following statement true (T) or false (F)
True
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Assume goods X and Y are complements and are produced in perfectly competitive markets. All else constant, an increase in demand for good X would cause:
A) a decrease in the number of firms that produce good X. B) an increase in the number of firms that produce good Y. C) a decrease in the number of firms that produce good Y. D) no effect on the number of firms that produce either good.
A firm that engages in perfect price discrimination produces more output to maximize its profits than it would if it charged only one price
a. True b. False
Which of the following is an example of monetary policy?
a. Regulating financial capital markets b. Decreasing the tax rate c. Increasing the amount of government spending d. Regulating factors of production
Suppliers with a high supply elasticity will bear a ________ tax incidence, while suppliers with a low supply elasticity will bear a ________ tax incidence
A) lower; higher B) higher; lower C) lower or no; higher or full D) A and C