Advertising intended to induce a consumer to discover a previously unknown taste or preference is
A. persuasive advertising.
B. direct advertising.
C. mass marketing advertising.
D. informational advertising.
Answer: A
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When firms enter a market, the supply increases and price:
A. increases and profits decrease. B. falls and profits increase. C. falls and profits decrease. D. increases and profits increase.
The following payoff matrix shows the outcomes for the United States and Russia from relying on conventional weapons versus atomic weapons in a military conflict. The percentages refer to the fraction of the population that would die.
The Nash equilibrium outcome of this game is for:
A. both countries to have conventional weapons. B. both countries to have atomic weapons. C. the U.S. to have atomic weapons and Russia to have conventional weapons. D. Russia to have atomic weapons and the U.S. to have conventional weapons.
Suppose that the price of a coffee mug is $2. Lee's marginal cost of producing coffee mugs $0.50 for the first mug, Tammy's marginal cost of producing coffee mugs is $1 for the second mug, Stan's marginal cost of producing coffee mugs is $1.50 for the third mug, Joy's marginal cost of producing coffee mugs is $2 for the fourth mug, and Jody's marginal cost of producing coffee mugs is $3 for the fifth mug. In equilibrium, what is the producer surplus from producing coffee mugs?
A. $0 B. $2 C. $3 D. $6
Refer to Figure 8.1. This situation represents a
A) pure coordination game. B) prisoner's dilemma game. C) chicken game. D) battle of the sexes game.