Which of the following would most likely be said by a critic of advertising?
a. “It gives information that some consumers might use.”
b. “It makes a product seem different from similar products.”
c. “It wastes too much money on unimportant products.”
d. “It gives people what they are looking for.”
c. “It wastes too much money on unimportant products.”
You might also like to view...
Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care
Based on this observation, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question? A) What type of health care will be produced and in what quantity? B) How will health care be produced? C) For whom will health care be produced? D) Why will we offer health care? E) Must we offer health care?
Consumers who put a high value on a service
A) are better off with perfect price discrimination. B) are better off under a single-price monopoly. C) are indifferent between perfect price discrimination and a single-price monopoly. D) incur deadweight loss under either single-price monopoly or perfect price discrimination.
You can spend $10 for lunch and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger. This is best described as:
A. an increase in the buyer's reservation price. B. a decrease in the buyer's reservation price. C. the substitution effect of a price change. D. the income effect of a price change.
Incomes of U.S. farmers tend to be boosted by:
A. Very good harvests on farms abroad B. Economic weakness in Europe and Southeast Asia C. Increased protectionism in farm policies abroad D. A depreciation of the U.S. dollar