What are the different ways in which firms try to differentiate their product from those of competitors?
Firms try to differentiate their products from those of their competitors in terms of the physical aspects of the product, the location from which the product is sold, the intangible aspects of the product, and the perceptions of the product in the minds of buyers.
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The amount of a tax paid by the sellers will be smaller the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the marginal revenue for the 4th unit is:
A. That cannot be calculated from the information given. B. the same as that of the 3rd unit. C. higher than that of the 3rd unit. D. lower than that of the 3rd unit.