[Solved] What Does Product Differentiation Mean

All of the following,except one,are possible goals that a firm might have besides that of profit maximization. A)Obtaining anatomy of decision making. B)Developing state of the art technology. C)Achieving a high rate of growth. D)Lobbying the government for lower taxes.

The Canadian gumnut industry consists of 10 companies whose annual sales are as shown: -What is the four-firm concentration ratio for this industry? A)25%. B)65%. C)75%. D)80%

The Canadian gumnut industry consists of 10 companies whose annual sales are as shown: -What is the total sale of the four biggest firms for this industry? A)$91 million. B)$118 million C)$129 million. D)$172 million.

In what type of market does the gumnut industry operate? A)Perfect competition. B)Monopolistic competition. C)Oligopoly. D)Monopoly

According to Galbraith,why might modern corporations not attempt to maximize profits? A)Because the managers are more interested in maximizing their own incomes. B)They are afraid of the reaction of their consumers. C)They are afraid of the reaction of rival companies. D)They are afraid of the reaction of the government.

In which of the following market structures is entry easiest? A)Monopolistic competition. B)Oligopoly. C)Monopoly. D)Duopoly.

What price does a monopolistically-competitive firm charge? A)A price equal to marginal cost. B)A price greater than marginal cost. C)A price equal to average cost. D)A price less than average cost.

What is the level of economic profits earned by a firm operating in the short-run under conditions of monopolistic competition? A)It is positive. B)It is likely to be positive,but could be negative. C)It is zero. D)It is negative.

Graphically,what will be the effect of entry by new firms into a monopolistically-competitive industry? A)It will shift each firm's demand curve to the right. B)It will shift each existing firm's demand curve to the left. C)It will shift the market's supply curve to the left. D)It will shift the market's demand curve to the right.

What will be the long-run result of new firms entering a monopolistically-competitive industry? A)The price charged by the representative firm will be equal to marginal cost. B)The representative firm will certainly incur losses. C)While the representative firm will not make economic profits,it will be able to make normal profits. D)The representative firm will be able to maintain economic profits.