What is the difference between the terms "marketing" and "advertising"?
What will be an ideal response?
Marketing consists of all the activities that are necessary for a firm to sell a product to a consumer. Marketing is not limited only to advertising. Product placement and defending a brand name can also be included under marketing.
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When comparing the measure of goods and services of one country to that of another, economists generally compare
A) the real GDP and net exports. B) the real GDP. C) the real GDP and the labor force. D) the real GDP per capita.
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn
a. True b. False Indicate whether the statement is true or false
Refer to the diagrams, in which figures (a) and (b) show demand curves reflecting the prices Alvin and Elmer are willing to pay for a public good, rather than do without it. If the marginal cost of the optimal quantity of this public good is $10, the optimal quantity must be
What will be an ideal response?
Stan owns a software design business. He does not have time to expand his office space or redesign the layout of his office. He can increase the amount of work he does by working more hours, asking his current employees to work more hours, or hiring more
employees. The relationship between Stan's inputs and the maximum output his firm can produce is called his A) long-run production function. B) production possibilities frontier. C) short-run production function. D) cost function.