Which of the following is true?
a. Advertising on a national scale became a widely accepted practice, but only after the Civil War.
b. The first attempts at advertising on more than the local level were directed at consumers rather than retailers.
c. By 1920, advertising was a billion-dollar industry.
d. Only a and b are correct.
e. Only a and c are correct.
e. Only a and c are correct.
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The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The mixed-strategy Nash equilibrium is
A) Firm A produces an advanced computer with 80% chance, firm B produces an advanced computer with 20% chance. B) Both firms produce advanced computers with 50% chance. C) Firm A produces an advanced computer with 60% chance, firm B produces an advanced computer with 40% chance. D) Both firms produce advanced computer with 80% chance.
Agreement between firms in an industry to set a certain price or to share a market is
a. a coordinating practice. b. a competitive practice. c. the substitution effect. d. a collusive practice.
Which of the following workers would be most likely to work fewer hours as a result of a wage increase?
a. farm worker b. surgeon c. lifeguard d. bartender
Suppose that recent studies conclude that high-fiber diets do not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:
A. price of high-fiber foods will rise. B. quantity demanded of high-fiber foods will fall. C. demand for high-fiber foods will decrease. D. supply of high-fiber foods will increase.