Dyson cordless vacuum cleaners offer heavy-duty performance for cleaning all floor types. The Dyson is also very lightweight and versatile. The price for the basic Dyson model is $599. Because the Dyson provides the user with really clean floors and carpets, the Dyson is an example of _
a. consumer value
b. hedonic value
c. utilitarian value
d. perceived value
Answer: d. perceived value
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If the Federal Reserve decreases the Federal funds rate, other short-term interest rates ________ and the exchange rate ________
A) fall; falls B) do not change; rises C) fall; does not change D) fall; rises E) do not change; falls
Refer to Table 2-5. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber C) 12 board feet of lumber D) 16 board feet of lumber
An oligopolist differs from a perfect competitor in that
A) the market demand curve for a perfectly competitive industry is perfectly elastic but it is downward-sloping in an oligopolistic industry. B) there is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power. C) there are no entry barriers in perfect competition but there are entry barriers in oligopoly. D) firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010):
A. resulted from the collapse of financial markets in 2008-2009. B. led to huge increases in excess reserves. C. slowed economic recovery from the Great Recession. D. All of these statements are correct.