Advertising by firms in monopolistic competition O a. does not occur. O b. wastes resources because the entry of rivals forces firms to be price takers. O c. can persuade customers that product differentiation exists. O d. provides consumers with no useful information. Which of the following is NOT an example of price discrimination? O a. student discounts at the supermarket O b. airlines charging lower prices to travelers who travel on Sunday night O c. discounted meals for children at Burger King O d. Christmas sales The law of diminishing returns only applies in cases where: O a. the price of extra units of a factor is increasing. O b. there is increasing scarcity of factors of production. O c. there is at least one fixed factor of production. O d. capital is a variable input.
Advertising by firms in monopolistic competition O a. does not occur. O b. wastes resources because the entry of rivals forces firms to be price takers. O c. can persuade customers that product differentiation exists. O d. provides consumers with no useful information. Which of the following is NOT an example of price discrimination? O a. student discounts at the supermarket O b. airlines charging lower prices to travelers who travel on Sunday night O c. discounted meals for children at Burger King O d. Christmas sales The law of diminishing returns only applies in cases where: O a. the price of extra units of a factor is increasing. O b. there is increasing scarcity of factors of production. O c. there is at least one fixed factor of production. O d. capital is a variable input.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Advertising by firms in monopolistic competition
O a. does not occur.
O b. wastes resources because the entry of rivals forces firms to be price takers.
O c. can persuade customers that product differentiation exists.
O d. provides consumers with no useful information.
Which of the following is NOT an example of price discrimination?
O a. student discounts at the supermarket
O b. airlines charging lower prices to travelers who travel on Sunday night
O c. discounted meals for children at Burger King
O d. Christmas sales
The law of diminishing returns only applies in cases where:
a. the price of extra units of a factor is increasing.
O b. there is increasing scarcity of factors of production.
O c. there is at least one fixed factor of production.
O d. capital is a variable input.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2abd1cdc-ee4f-4da0-a2ac-96a52c2f0c72%2F60e80e6a-5282-47b0-b1ce-ffda8e96aa69%2Ftrnqzhf_processed.png&w=3840&q=75)
Transcribed Image Text:Advertising by firms in monopolistic competition
O a. does not occur.
O b. wastes resources because the entry of rivals forces firms to be price takers.
O c. can persuade customers that product differentiation exists.
O d. provides consumers with no useful information.
Which of the following is NOT an example of price discrimination?
O a. student discounts at the supermarket
O b. airlines charging lower prices to travelers who travel on Sunday night
O c. discounted meals for children at Burger King
O d. Christmas sales
The law of diminishing returns only applies in cases where:
a. the price of extra units of a factor is increasing.
O b. there is increasing scarcity of factors of production.
O c. there is at least one fixed factor of production.
O d. capital is a variable input.
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