For a company to convince consumers to use their products repeatedly, they must:
A. make the customers see the benefits of the product.
B. hire another celebrity endorser.
C. hire an independent company to evaluate the product.
D. run the celebrity ads repeatedly.
Answer: A
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The only two firms in a market are trying to decide what price to charge. The payoff matrix for this duopoly game is shown above. The payoffs are thousands of dollars of economic profit. In the above game, in the Nash equilibrium,
A) Firm A and Firm B are both making $40,000 in economic profit. B) Firm A and Firm B are both making $55,000 in economic profit. C) Firm A is making $60,000 and Firm B is making $55,000 in economic profit. D) Firm A and Firm B are both making $60,000 in economic profit. E) Firm A and Firm B are both making $35,000 in economic profit.
Which of the following would cause a change in the quantity demanded of a product?
A) a higher price B) a higher income C) expectations of future price increases D) All of the above are correct.
Because people can enjoy the benefits of public goods whether they pay for them or not, they are usually unwilling to pay for them. This is known as the
A. free-rider problem. B. drop-in-the-bucket problem. C. nonexcludable problem. D. nonrival problem.
Expansionary monetary policy will have what effect on the components of aggregate demand?
A) Consumption, investment, and net exports will rise. B) Consumption will rise, but investment and net exports will fall. C) Consumption and investment will rise, but net exports will fall. D) Consumption will fall, but investment and net exports will rise.