Edward Chamberlin argued that brand names
a. hampered market efficiency.
b. were instrumental in enhancing market efficiency.
c. were useful in enhancing market efficiency when the government enforced the use of exclusive trademarks.
d. were likely to be more socially efficient when used in conjunction with advertising.
a
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A monopolistically competitive firm is making a positive economic profit. In the long run, which of the following is most likely?
A) It will produce less output and it will charge a lower price. B) It will produce the same output and charge the same price. C) It will produce less output but keep price the same. D) It will keep output the same but will charge a higher price.
Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets consumed domestically?
What will be an ideal response?
When the average buyer of an insurance policy is likely to have higher risk than others in his class, this is known as
A. adverse selection. B. moral hazard. C. asymmetric information. D. an HMO.
When the demand and supply of grapes both decrease at the same time, we can safely predict that the: a. price of grapes will fall
b. price of grapes will rise. c. quantity of grapes exchanged will fall. d. quantity of grapes exchanged will rise.