An In the News article titled "Selling "Pure Water": A $Billion Scam?" refers to the use of advertising. Successful advertising can do all of the following except
A. Differentiate products.
B. Create brand loyalty.
C. Maximize efficiency.
D. Decrease the price elasticity of demand for the product.
Answer: C
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In the 1937-1938 economic downturn
A. the number of unemployed rose dramatically by about 5 million. B. industrial production fell by 30 percent. C. presidential as well as Federal Reserve policy helped to cause the decline. D. All of the choices are true.
In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat. B) the money price of meat relative to the price of bread or other necessity. C) the money price of the meat plus the opportunity cost of time spent waiting in line. D) the money price of an equal amount of meat substitute, such as beans and rice.
The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A. marginal revenue curve. B. total revenue curve. C. marginal physical product curve. D. marginal revenue product curve.
Price Signals
What will be an ideal response?