Which of the following examples of product differentiation uses location?
a. A restaurant promotes its make-your-own hamburgers.
b. In an ad, a restaurant says it is situated on a beautiful lake.
c. A bed-and-breakfast touts its four-star rating on its website.
d. The trailer for a movie presents several excellent reviews from critics.
b. In an ad, a restaurant says it is situated on a beautiful lake.
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As a manager holding an auction with correlated or common values, you want buyers to place bids that are ________ their estimated valuations and sellers to place bids that are ________ their estimated costs.
A) close to; close to B) close to; far from C) far from; close to D) far from; far from
Suppose average attendance to Six Flags is 500,000 when prices are $40 a ticket and 450,000 when prices are $50 a ticket. Other things being equal, the data imply that the elasticity of demand for Six Flags is:
A. inelastic, so the increase in price caused total revenue to fall. B. inelastic, so the increase in price caused total revenue to rise. C. elastic, so the increase in price caused total revenue to fall. D. elastic, so the increase in price caused total revenue to rise.
Two indifference curves can cross one another.
Answer the following statement true (T) or false (F)
The study of the choices made by individual households, firms, and government is called:
A. macroeconomics. B. microeconomics. C. managerial economics. D. market economics.