Advertising:
A. is valuable because it provides free information about products and prices to consumers.
B. is harmful because it creates a false sense of differentiation, driving prices up unnecessarily.
C. Neither A nor B is true.
D. Both A and B are true.
Answer: D
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Even when two goods are perfect substitutes one can sell at a premium over the other depending on the tastes and preferences of the consumers
Indicate whether the statement is true or false
In a forward contract
A) the spot price is held constant. B) you can lock in today's price for the future. C) you can lock in a future price today. D) you can lock in a future quantity today.
Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of demand
a. True b. False Indicate whether the statement is true or false
Along the horizontal axis of the production function we typically measure
a. revenue. b. the marginal product of the input. c. the quantity of input. d. the quantity of output.