Answer the following statement(s) true (T) or false (F)
1. Monopolistic competition is a market structure where many producers of identical products compete with one another
2. Monopolistic competition is closer to competition than to monopoly.
3. Product differentiation is the accentuation of unique product qualities, real or perceived, to develop a specific product identity.
4. Price is one of the four main types of product differentiation.
5. Physical differences are considered to be a primary source of product differentiation.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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In New York City, when he was the mayor Michael Bloomberg recommend that the city, with the help of private donors, make cash payments to poor and underprivileged parents who can certify that their children are attending school on a regular basis
The payments would start after third grade and go through high school, rising each year as dropout rates get higher and a child's forgone earning potential is higher. What economic concept does this policy represent? A) public goods B) incentives C) externalities D) technological progress E) the "invisible hand"
Refer to the scenario above. In this case, the employer may prevent shirking by ________
A) paying an efficiency wage to each worker B) paying a wage less than minimum wage C) reducing the nominal wage paid to workers D) reducing the real wage paid to workers