The most important of the factors that make a firm successful and that can be controlled by the firm's owners and managers are
A) lobbying government to erect or enforce entry barriers in its markets and the marketing of its products as widely as possible.
B) the establishment of trademarks for its products and the aggressive defense of those trademarks.
C) the differentiation of its products and the production of products at a lower average cost than competing firms.
D) the selection of the prices of its products and the selection of the most productive and loyal employees.
C
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The price elasticity of demand for nursery products is -10. The advertising elasticity of demand is 0.4. Using the "Rule of Thumb for Advertising," the profit maximizing level of advertising will be set at ________ of sales
A) 0.25 percent B) 0.4 percent C) 4 percent D) 40 percent
Because the benefits of basic research are obvious and easy to measure, it is likely that the public sector pays for the right amount and the right kinds of basic research
a. True b. False Indicate whether the statement is true or false
A tax of $1,000 per person would make the federal income tax more _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true about illegal immigration?
A. Illegal immigrants are often willing to work for less pay, keeping costs and prices for consumer goods and services lower. B. Illegal immigration reduces wages for U.S. workers who are complementary inputs. C. Illegal immigration tends to reduce wages less for previous immigrants than for native-born workers. D. All of these.