One of the reasons that Kodak and Fuji films advertise so much is that
a. they want to stimulate market demand
b. each hopes to create a natural monopoly
c. they are in a perfectly competitive industry where advertising is the difference between success and failure
d. they want to develop brand loyalty
e. they want to increase their price elasticities of demand
D
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Exchange rates (for instance, the dollar price of yen) tend to be different worldwide at any point in time because of different tastes for currencies in each country
Indicate whether the statement is true or false
Constant returns to scale occur when: a. long-run average total cost decreases with an increase in output
b. long-run average total cost increases with an increase in output. c. long-run average total cost remains constant with an increase in output. d. long-run average variable cost decreases with an increase in output.
A positive externality occurs whenever:
a. an increase in the output of one firm lowers costs for other firms. b. a decrease in the output of one firm lowers costs for other firms. c. an increase in costs of one firm lowers costs for other firms. d. a decrease in one firm's hiring of labor lowers labor costs for other firms.
If a person has a comparative advantage in some activity, she must have an absolute advantage in that activity as well.
Answer the following statement true (T) or false (F)