Which of the following might be an effect of advertising?
a. all of the following
b. increased product differentiation
c. increased total costs of production
d. increased average total costs of production
e. increased demand for the product
A
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The above figure shows the short run cost curves for a typical firm in a competitive market. If price = 8, then the firm
A) is earning positive profits. B) should produce 50 units. C) should shut down. D) None of above.
Describe one of the two reasons given in the textbook to help explain why price and quantity demanded are inversely related
Which of the following is a major drawback of the European Monetary Union?
A. Its inability to use monetary policies to address a recession that affects some member countries but not others B. Its inability to agree to a target for the euro area inflation rate C. Its inability to raise efficiency in production, thus lowering aggregate output of the member nations D. Its inability to bring down the transaction costs of trade between member nations
The ________ is a commonly used measure of the degree of inequality in an income distribution.
A. Herfindahl-Hirschman index B. Lorenz curve C. Gini coefficient D. utility possibility frontier