Studies suggest that brand loyalty is based primarily on real differences among competing products, suggesting that persuasive advertising is an ineffective means to maintain or increase market share
Indicate whether the statement is true or false
FALSE
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The ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same amount of resources, is referred to as:
A) marginal advantage. B) comparative disadvantage. C) absolute advantage. D) perfect advantage.
Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, which of the following was counted as intermediate inputs in our GDP accounts?
A. research and development B. software development C. new artistic work D. All of these are correct.
Explain how automatic stabilizers work.
What will be an ideal response?
When production is characterized by persistently declining long-run average costs as output increases
A) the costs of production are greater when competition exists than when a single firm produces a good. B) it is impossible for two firms to compete in the market. C) the costs are lower if a single firm exists, and even if the firm is unregulated, price will still be lower with a single firm. D) there is no need for the government to limit competition by licensing requirements.