« previous next »

Author Question: Orange juice drinkers want to consume more orange juice at a lower price. Which of the following ... (Read 124 times)

anjilletteb

  • Hero Member
  • *****
  • Posts: 569
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?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


IAPPLET

  • Sr. Member
  • ****
  • Posts: 333
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Muscles of the Right Lower Extremity Muscles of the Right Lower Extremity
Lower extremity blood pressure cuff Lower extremity blood pressure cuff
Woman (formerly a.k.a. the Venus of Willendorf), Lower Austria. Woman (formerly a.k.a. the Venus of Willendorf), Lower Austria.
Wet the forearms and hands from elbow to fingertips. Keep the hands lower than the elbows. Water ... Wet the forearms and hands from elbow to fingertips. Keep the hands lower than the elbows. Water ...
Muscles of the posterior lower leg. Muscles of the posterior lower leg.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Video: Phases of the ovarian cycle

For a complete list of videos, visit our video library