Which of the following are ways of promoting a firm's product
a. Advertising
b. Discount coupons
c. End-of-aisle displays
d. All of the above
d
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If only current income is considered, beer taxes are _____. If lifetime income is considered, however, beer taxes are _____
a. regressive; progressive b. regressive; proportional c. progressive; regressive d. proportional; progressive
The concept of margin, or marginal
A. is central to economics. B. has little to do with economics. C. is applied only to a firm's costs. D. is applied only to a firm's output.
An import quota is:
A. a restriction limiting the quantity of imported goods that can legally enter a domestic market. B. a fixed fee that an importing firm must pay the domestic government in order to have the legal right to sell the product in the domestic market. C. the fee an importing firm must pay to the domestic government on each unit it brings into the domestic market. D. None of the statements are correct.
A school bookstore tried to engage in price discrimination by selling novels to students and faculty for different prices. Its strategy was to increase prices to faculty and decrease prices to students. What is the most likely reason that this strategy failed?
A. Novels are sold in a competitive market. B. There was nothing to prevent students from purchasing novels and reselling them to faculty. C. Everyone had inelastic demand for novels. D. There was no easy way to distinguish the students from the faculty.