Consumers who are loyal to a brand will purchase products under that brand name even if their prices are above other competing brands
a. True
b. False
Indicate whether the statement is true or false
True
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A firm's labor demand curve is also its marginal revenue product curve. For both the perfectly competitive firm and the output price maker, the labor demand curve slopes downwards
However, there is a difference in the reasons why the labor demand curve slopes downwards. What is this difference?
The main examples of macroeconomic coordination failures are
a. profit declines. b. relative price changes. c. recessions and depressions. d. consumer taste changes.
One of the challenges for development economists working in health care is to figure out a way to:
A. force families to make better health care choices. B. alter the educational system in order to mandate that a certain number of students go into healthcare fields. C. influence markets in order to keep the costs of healthcare lower. D. give doctors the right incentives to practice good medicine.
The physical output that is due to the addition of one more unit of a variable factor of production is
A. average total cost. B. marginal cost. C. marginal product. D. average product.