The distinguishing of products by brand name, color, and other attributes
A. leads to collusion.
B. is known as interdependence.
C. leads to many firms in the market.
D. is known as product differentiation.
Answer: D
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The table above lists six points on the production possibilities frontier for grain and cars. Given this information, which of the following combinations is unattainable?
A) 6 tons of grain and 18 cars B) 4 tons of grain and 26 cars C) 2 tons of grain and 27 cars D) 7 tons of grain and 10 cars
Aggregate expenditure includes final spending by households, businesses, and government on final goods and services
a. True b. False
Traci is a nurse, and she gets paid an additional $1.00 per hour for agreeing to work the night shift. Carol is also a nurse, but she works the day shift and does not get paid this extra dollar per hour. This difference in pay is an example of a compensating differential
a. True b. False Indicate whether the statement is true or false
Refer to Figure 11.1. Assume aggregate demand is initially represented by AD1 and full-employment output is $6.0 trillion. If aggregate demand increases by the amount of the GDP gap, equilibrium will occur at
A. Point a. B. Point b. C. Point c. D. Point d.