Advertising is a waste of money and just drives up costs and thus price to consumers.
Answer the following statement true (T) or false (F)
False
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An important type of information asymmetry is:
A. adverse selection. B. ethical constraint. C. advantage imbalance. D. information hazard.
Traditional classical economists believe that: a. wage rates are perfectly flexible. b. people do not have perfect information about the economy. c. prices are fixed for long periods of time. d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
Which of the following helps to explain the differences in earnings in the United States?
a. ability, effort, and chance b. compensating differentials c. physical attractiveness d. All of the above are correct.
Peak load pricing helps firms gain profit because
A. people are willing to pay more for the first units they consume of a good. B. low prices when demand is strong means high volume sales. C. they can serve their customers with a smaller capital base. D. demand shifts left during peak load hours.