Product differentiation that makes the product better for some consumers and worse for others is
A. never undertaken by firms.
B. horizontal differentiation.
C. always welfare decreasing.
D. vertical differentiation.
Answer: B
Economics
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Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk. B) A shift to the right of the demand curve for milk. C) An increase in the number of milk suppliers. D) A decrease in the number of milk buyers.
Economics
"An increase in the price of oranges will increase the demand for grapefruits." This statement is an example of a normative economic statement
Indicate whether the statement is true or false
Economics