The case against advertising includes the assertion that advertising
A. keeps firms from spending huge sums of money to create artificial differences among goods.
B. ensures high quality and efficient production.
C. provides consumers with valuable information about product availability, quality, and price.
D. decreases competition by increasing barriers to entry of new firms into an industry.
Answer: D
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Your company makes copper pipes. Over the years, you have collected a large inventory of raw copper. The production process involves melting the copper and shaping it into pipes. You also have a large stockpile of pennies
Suppose the price of copper rises so much that the copper in the penny becomes worth more than one cent. Should you melt down your pennies?
Refer to the above table. It may be concluded that
A) Mexico has a comparative advantage in computer production. B) Mexico has a comparative advantage in bicycle production. C) The United States has a comparative advantage in producing both goods. D) The United States has a comparative advantage in producing neither good.
Which of the following examples would be shown on a market supply curve?
a. A cotton grower in Mississippi would supply 400 pounds of cotton at $3 per pound. b. Mark’s farm would supply 500 pound of cotton per year at $5 per pound. c. FDK, Inc. would supply 1,000 pounds of cotton per year at $5 per pound. d. All U.S. cotton growers would supply 50 billion pounds of cotton per year at $6 per pound.
Studies have shown that the tit-for-tat strategy is ineffective at maintaining a price fixing agreement.
Answer the following statement true (T) or false (F)