Piper consumes Ragu spaghetti sauce exclusively. She claims that there is a clear taste difference and that competing brands of spaghetti sauce leave an unsavory taste in her mouth. However, in a blind taste test, Piper is found to prefer generic store-brand spaghetti sauce to Ragu spaghetti sauce eight out of ten times. The results of Piper's taste test would reinforce claims by critics of brand
names that
a. consumers are always willing to pay more for brand names.
b. brand names cause consumers to perceive differences that do not really exist.
c. brand names are always preferred to generics.
d. consumers are only willing to buy generics if they are less expensive.
b
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Demand for U.S. dollars by speculators is likely to increase if the dollar is expected to depreciate in the near future
a. True b. False Indicate whether the statement is true or false
Refer to the graph shown. Which point has an elasticity less than 1?
A. A B. B C. C D. D
The United States has benefited from NAFTA substantially in terms of increased ____, which has lowered prices and given consumers more choices.
a. prices b. variety c. manufacturing jobs d. quality
Suppose the goal of a union is to maximize the total income of all workers it represents. In this case it will probably aim for a wage at which the elasticity of demand for workers is
a. 0. b. infinite. c. 1. d. ranging from 2 to 5.