Brand loyalty
A. Leads to one price for all brands.
B. Exists even when products are virtually identical.
C. Makes the demand curve facing the firm more price-elastic.
D. Is possible only when there are a few firms in the market.
Answer: B
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According to the "rational expectations" school of thought in macroeconomics, the short-run Phillips curve is ________ in face of unanticipated changes in monetary policy
A) negatively sloped B) vertical C) positively sloped D) horizontal
Negative externalities cause loss of welfare not transmitted by market factors.
A. True B. False C. Uncertain
Which is not a factor that makes cognitive mistakes more likely?
a. uncertainty. b. time pressure. c. repetition. d. large number of choices.
Consider an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The labor force participation rate is _____
a. 100 percent b. 60 percent c. 50 percent d. 40 percent e. 10 percent