Which of the following is associated with relatively elastic demand?
a. Few substitutes; large portion of income; short time span
b. Many substitutes; large portion of income; long time span
c. Few substitutes; small portion of income; short time span
d. Many substitutes; small portion of income; long time span
b
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?The budget line on a graph represents choices which exhaust all resources.
Answer the following statement true (T) or false (F)
Critics of advertising argue that it:
a. lowers price by increasing competition. b. results in more variety of products. c. establishes brand loyalty, which promotes competition. d. serves as a barrier to entry for new firms.
One reason that monopolistically competitive firms often use celebrity endorsements is that:
a. the firm owners like to be around celebrities so they can feel important. b. they can link their product's reputation with the celebrity's reputation. c. celebrity endorsements are comparatively inexpensive. d. they can have the celebrity as their potential customer. e. firms like to spend a lot on advertisements.
Cooperation in prisoner's dilemma-type games:
A. always benefits the players and the public. B. doesn't always benefit the players, but always benefits the public. C. doesn't always benefit the players or the public. D. always benefits the players, but does not always benefit the public.