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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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