If a firm produces an experience good, its mode of advertising will be
A) persuasive advertising.
B) direct advertising.
C) not to advertise.
D) none of the above.
Answer: A
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A key assumption made when a supply schedule is constructed is that
A. the only factors that matter in determining supply are price and quantity. B. firms only want to sell a certain amount of a product. C. supply is too important to be left to the marketplace. D. only price and quantity vary, all other determinants of supply are held constant. E. demand has a positive slope.
All else equal, anything that decreases the transportation costs ________ the number of consumers shopping at ________.
A) does not change; local, more expensive stores B) increases; local, more expensive stores C) does not change; larger, less expensive stores D) increases; larger, less expensive stores
Institutions are:
a. the rules of the game b. how resources are allocated c. illustrations of the laws of scarcity d. organizations that operate on a non-profit basis e. none of the above
Most economists and policymakers decided in 2007–2010 that reducing unemployment was the main national priority.
Answer the following statement true (T) or false (F)