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| If two shops sell the same merchandise but one offers a higher level of service the service distinction is | Non-price competition
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| A major characteristic of monopolistic competition is that prices will be | Higher than imperfect competition
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| A cartel is able to survive only If | All members keep agreed output levels
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| The main difference between monopolistic competition in perfect competition is that | In monopolistic competition sellers completely control price
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| Which legislation enacted in 1947 may have been the reason for the decline in union membership | The Taft Hartley act
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| What is one of a labor unions primary goals | To secure its members jobs
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| What is considered a negative impact of a strike on an employer | Loss of profits
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| In which sectors has union membership grown in recent years | Public sector only
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| A government aim and giving an antitrust exemption to sports leagues is | To allow leagues to keep team plays stable and orderly
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| A discounted airline fare is a price discrimination that can be offered because | Vacationers are willing to put up with the airlines restrictions
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| Patents are a form of monopoly you guys society allows because they | Encourage firms to develop new products that benefit society
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| The controller of a monopoly sets the price of goods by charging | The price at which the profit it maximized
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| For which of the following goods is supply likely to be inelastic in the short term weather prices rise or fall | Cargo ships
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| When the price of a product goes down what happens | Some producers produce less and others drop out of the market
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| A supply schedule is characterized by which of the following | It lists supply for a specific good
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| Which of these best describes a supply curve | It always rises from left to right
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| How can expectations about the future change consumer behavior | Demand for a good rises if its price is expected to rise
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| How many advertising lead to a shift in the demand curve | By helping to create fads and trends
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| When will increase demand for one good increase demand for another | When goods are used together
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| What can cause an entire demand curve to shift | A change in demographics
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| Why does an economic create a market demand schedule | To predict how all people will change their buying habits
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| What does it mean when you have a demand for a service or good? | You are willing and able to buy it at the given price
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| If prices rise but not income what is the effect on demand | Fewer goods are bought
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| What happens when the price of item A increases? | Consumers will buy the cheaper item B as a substitute
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| What effect do rising input costs have on the price of a good | The good becomes more expensive to produce
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| How does the new technology generally affect production | It lowers cost and increases supply
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| What is one reason European governments protect the growing of food with subsidies? | To have food in case imports are ever restricted
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| If a seller expects the price of a good to rise in the future the seller will | Store these goods until the price goes up
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