When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior
Indicate whether the statement is true or false
TRUE
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When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off
a. True b. False Indicate whether the statement is true or false
If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium
Indicate whether the statement is true or false
Implicit cost refers to:
A. salary paid to the factors of production. B. any increase in the value of the assets owned by the firm. C. the amount a firm receives for selling its product or service. D. the opportunity cost of factors of production provided by the owners of the firm.
Trade restrictions tend to make domestic products
A) cheaper because they do not have to compete with foreign goods. B) cheaper because they do have to compete with foreign goods. C) more expensive because they have to compete with foreign goods. D) more expensive because they do not have to compete with foreign goods.