A Swiss watch company advertises its history of superior craftsmanship. The company thinks that this will
a. Make the demand for the product more elastic
b. Make the customers more sensitive to the price
c. Not impact the demand for their product
d. None of the above
c
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Economic profit is
A. equal to the difference between accounting profit and implicit costs. B. always larger than accounting profit. C. the sum of accounting profit and implicit costs. D. equal to the difference between total revenue and implicit costs.
Which of the following increases the information available to prospective buyers?
A) The auto dealer that allows customers to test drive their cars B) The grocer that packages its meat in cellophane C) The college that organizes orientation sessions for potential students D) The baker that gives customers free samples E) All of the above.
What is the difference between directly holding stock in a company like Apple and investing in a mutual fund that holds Apple stock?
What will be an ideal response?
The condition that requires MRTS for each input pair to equal the ratio of their marginal costs is known as ________ efficiency, and the condition that requires MRS for each output pair to equal their output price ratio is known as ________
efficiency. A) economic, market B) micro, macro C) cost, revenue D) technical, output