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Author Question: Orange juice drinkers want to consume more orange juice at a lower price. Which of the following ... (Read 170 times)

anjilletteb

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on: Jun 29, 2018
Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?
 
  A) a decrease in the population
  B) a decrease in the price of orange juice processing
  C) an increase in the cost of fertilizer used for orange groves
  D) a decrease in income, assuming orange juice is a normal good

Question 2

How do firms in monopolistic competition compete?
 
  What will be an ideal response?
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IAPPLET

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Firms in monopolistic competition compete in three areas: Qualitythe physical attributes of a product, including the product's design and reliability, the service provided with the product, and the ease of access to the product; pricebecause the firms produce differentiated products, each firm faces a downward-sloping demand curve for its own product; and marketingfirms must make consumers aware of the quality of their differentiated products through advertising and packaging.


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