What is least accurate about marketing and selling in the US prior to the Civil War?
a. Attracting customers was not a main objective of advertising.
b. Installment buying was known, but was uncommon until about 1900.
c. Most companies eliminated wholesalers to market products directly to their customers and save money.
d. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
c. Most companies eliminated wholesalers to market products directly to their customers and save money.
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Macroeconomics is the study of individual economic markets
Indicate whether the statement is true or false
The circular flow model shows the
A) distribution of income and consumption goods across income levels. B) combinations of the factors of production needed to produce goods and services. C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions. D) flow of natural resources from firms to the private market to government and back to firms. E) distribution of income to the different factors of production.
Even if employers are not prejudiced, employee or customer discrimination will tend to be reinforced by market forces and may lead to permanent wage differences between the favored and unfavored groups
a. True b. False
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. If the Chicago-Atlanta round-trip air fare were $350, should you use the coupon to go to Miami?
A. Yes, your economic surplus would be $50. B. No, your economic surplus would be -$100. C. Yes, your economic surplus would be $400. D. No, your economic surplus would be -$50.