Marketing refers to all the activities necessary for a firm to sell a product to a consumer
Indicate whether the statement is true or false
TRUE
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Refer to Table 14-4. How are the firms in this advertising game caught in a prisoner's dilemma?
A) They are not in a prisoner's dilemma because there is one clear strategy for each. B) They would be more profitable if they refrained from advertising but each fears that if it does not advertise, it will lose customers. C) Only the first mover is caught in a prisoner's dilemma because the second has a chance to observe and respond. D) Since each firm is uncertain about the other's behavior, each will adopt a wait-and-see attitude which results in no increase in market share and no new customers.
The longer the time horizon of a project, the more important choosing the right discount rate is
a. True b. False
Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the number of jobs the economy has gained or lost
a. True b. False Indicate whether the statement is true or false
Consider the labor market for short-order cooks. A shortage in the availability of frying pans will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.