Product differentiation that makes the product better than a rival's product from everyone's perspective
A. makes the rival's product obsolete.
B. is known as horizontal differentiation.
C. always increases welfare.
D. is known as vertical differentiation.
Answer: D
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A) price B) labor C) income D) substitution
The cross-price elasticity of demand for coffee and caskets is likely to be
A) less than zero. B) greater than zero. C) zero. D) infinity.
Spending VCU4 on real-world goods and services causes the nation's:
a. Demand for real goods and services to rise and monetary base to rise. b. Demand for real goods and services to remain the same and M2 money supply to rise. c. Demand for real goods and services to remain the same and M2 money multiplier to rise. d. Demand for real goods and services to rise and monetary base to remain the same.
A nuclear disaster in an economy would cause
(a) An economy's PPF to shift outwards away from the origin. (b) A move along the PPF from left to right. (c) The PPF to shift inwards towards the origin. (d) A move along the PPF from right to left.