Brand multiplication is a technique used by firms to
a. confuse consumers into thinking they are getting a bargain
b. increase market share
c. lure competitors into a price war
d. reduce competition by reducing consumer choice
e. increase production efficiency
B
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The quantity of employment is determined in the ________ market and that quantity, along with the ________, determines potential GDP
A) labor market; tax rate B) loanable funds; production function C) goods and services; labor market D) labor market; tax wedge E) labor market; production function
Which type of business organization is the most important part of U.S. history given its "super" economic powers?
(a) Sole proprietorship (b) Partnership (c) "Mom and pop" business, which is a mix of sole proprietorships and partnerships (d) Corporation
Under what circumstances will the economic rent earned by a factor of production always be zero?
A) Infinitely inelastic supply curve B) Infinitely elastic supply curve C) Somewhat inelastic supply curve D) Elastic demand curve
Rhonda has started a new job that almost doubles her income. She walks past the inexpensive ramen in the grocery store and thinks, “Well, I don’t have to eat that anymore!” Instead, she purchases some fresh vegetables and a steak. To Rhonda, the ramen falls into the category of _____________, because now that she can afford better, she doesn’t want it.
a. normal goods b. temporary goods c. inferior goods d. nonutility goods