The market for chicken used to be perfectly competitive. Then producers like Frank Perdue started marketing chicken under their name. What did they gain by doing this?
What will be an ideal response?
These producers convinced consumers that their chicken was different from and better than all other chicken. This allows the company to charge higher prices for its chicken than "generic" chicken manufacturers. Since this was a successful strategy, other chicken producers now advertise their products.
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Which of the following parties benefits from an import quota but not from a tariff?
A) the foreign government B) the person with the right to import the good C) domestic producers D) domestic consumers E) the domestic government
To determine GDP from the production function, we need to know
A) the quantity of labor employed. B) the quantity of labor available for work. C) the unemployment rate. D) the quantity of labor supplied by firms. E) the real wage rate.
Suppose a lottery ticket costs $1 and the probability that a holder will win nothing is 99.9%. What must the jackpot be for this to be a fair bet?
a. 10 b. 100 c. 1,000 d. 10,000
Which of the following statements are true about an individual demand curve?
A. An individual demand curve is negatively sloped and shows the price of a good and the quantity that a single consumer is willing to sell during a particular time period. B. An individual demand curve is positively sloped and shows the price of a good and the quantity that all consumers are willing to buy during a particular time period. C. An individual demand curve is negatively sloped and shows the quantity of a good that a single consumer is willing to buy, and the amount of time to consume the good. D. An individual demand curve is negatively sloped and shows the price of a good and the quantity that a single consumer is willing to buy during a particular time period.