Given that the firm offers both the products would the chefs ever pay the full $100 for the high-end wok
a. Yes, because they value it at $100
b. No, because they value it at $70
c. No, because they can get a positive consumer surplus buying the no-name brand
d. All of the above
c
Economics
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Which of the following is NOT a characteristic of monopolistic competition?
A) Entry and exit is restricted. B) Firms compete on price. C) A large number of firms compete. D) Firms compete on product quality.
Economics
From 1945 to 1995, the debt—GDP ratio in the United States
A) steadily fell. B) steadily increased. C) fell from 1945 until around 1970 and rose thereafter. D) fell from 1945 until around 1980 and rose thereafter.
Economics