Which of the following is an example of product differentiation based on the physical aspects of a product?
a. A fashion designer advertising the new comfortable design of its apparels
b. A housing construction company offering low-interest bank loans for purchasing its apartments
c. A car mechanic opening his new workshop near a busy highway
d. An electronic company offering a warranty of 5 years for its air conditioners
b
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Macroeconomic equilibrium is best described as a situation in which: a. the slope of the aggregate demand curve equals the slope of the aggregate supply curve. b. quantity demanded exceeds quantity supplied
c. quantity demanded equals quantity supplied at a unique price level. d. quantity supplied exceeds quantity demanded at a unique price level. e. quantity supplied equals quantity demanded at a unique price level.
The more time that elapses, the
A. more price elastic is the demand for the product. B. greater the income elasticity of demand for a product. C. smaller the income elasticity of demand for the product. D. less price elastic is the demand for the product.