The brand name of a firm
A) has nothing to do with the profitability of a firm.
B) has been considered irrelevant by economists since profits for a monopolistic competitive firm are zero in the long-run.
C) relates to consumers' perception of product differentiation and to the market value of a firm.
D) is important in the short-run but not in the long-run.
Answer: C
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In the 1950s, crude oil and natural gas imports were restricted to keep the domestic industries viable in case of a war. The rationale for this protection is the ________ argument for protection
A) save domestic jobs B) national security C) anti-dumping D) infant-industry E) penalizing lax environmental standards
The current price of canvas messenger bags is $36 each and sales of the bags equal 400 per week. If the price elasticity of demand is -2.5 and the price changes to $44, how many messenger bags will be sold per week? Use the midpoint formula
What will be an ideal response?
According to the above table, if these two countries trade
A) Mexico should import computers and the United States import bicycles. B) the United States should import computers and Mexico should import bicycles. C) the United States should export bicycles and Mexico should export computers. D) we cannot tell which country should export which good without knowing the amount of labor utilized in each country.
Perfectly competitive markets feature relatively high barriers to entry.
Answer the following statement true (T) or false (F)