A grocery store shows the influence of competition when
a. no brands of peanut butter are on the store shelf
b. one brand of peanut butter is on the store shelf
c. two brands of peanut butter with the same price are on the store shelf
d. two brands of peanut butter with different prices are on the store shelf
Ans: d. two brands of peanut butter with different prices are on the store shelf
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The above figure shows the U.S. market for 1 carat diamonds. The free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________
A) $2,000; $4,000 B) $2,000; $3,000 C) $4,000; $3,000 D) $4,000; $2,000 E) $2,000; $2,000
Punitive damage awards, which do more than compensate for the losses of those injured, do not influence the safety efforts of makers of products
Indicate whether the statement is true or false