A new entrant can deter the brand advantage enjoyed by an existing firm by
A. offering their product at a comparatively lower price.
B. offering government certified products.
C. investing in specific assets.
D. getting licenses and patents for their products.
Answer: B
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Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 680 machines. Jill's average product of labor equaled ________ lie detectors per worker
A) 680 B) 34 C) 23 D) 20 E) None of the above answers is correct.
Refer to Figure 10-8. Given the budget constraint in the diagram, which of the following statements is false?
A) Consumption bundles b and c yield the same level of utility, which is higher than the utility represented by bundle a. B) The consumer's optimal bundle could be bundle d, e, or f. C) Although the consumer receives the same level of utility from bundles d and e, she cannot afford to purchase bundle d. D) The consumer receives the same level of utility from consumption bundles d, e, and f.
Which statement is true about the Malthusian theory?
A. It predicts that famine can easily be averted. B. It is an application of the law of diminishing returns. C. It is unduly optimistic. D. It has proven true in most countries.
The delay between when a policy action is taken and when they affect the economy is referred to as the
A) impact lag. B) action lag. C) recognition lag. D) policy lag.