Advertising by firms in monopolistic competition
A) provides consumers with no useful information.
B) does not occur.
C) can persuade customers that product differentiation exists.
D) wastes resources because the entry of rivals forces firms to be price takers.
C
Economics
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The key factors in raising standards of living in low-income countries have been increases in
A) capital accumulation and the money supply. B) income and government ownership of resources. C) foreign aid and population. D) technology and knowledge.
Economics
Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) inferior good. B) necessity. C) normal good. D) luxury.
Economics