Firms use two marketing tools to differentiate their products. What are these two tools?
A) market research and demand estimation B) brand management and advertising
C) lobbying and word of mouth D) consumer surveys and market experiments
B
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Which of the following is true about the long run operations of perfectly competitive firms? a. They produce with productive efficiency. b. They produce with allocative efficiency. c. They earn zero economic profits
d. all of the above
The price elasticity of demand for a commodity is determined primarily by the
a. size of the consumer surplus. b. availability of good substitutes for the good. c. incomes of consumers. d. availability of complementary goods.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. If Jack only cares about expected value, and not risk, he should decide to play a game if:
A. the expected value of the payoff is higher than the expected value of the payoff in the other game. B. the expected value of the payoff is lower than the price to play the game. C. the expected value of the payoff is higher than the price to play the game. D. the expected value of the payoff is double the price to play the game.
Between 1995 and 2000 our trade deficit more than ________________.
Fill in the blank(s) with the appropriate word(s).