Which of the following is not an argument made by critics of advertising?
a. Advertising manipulates people's tastes.
b. Advertising impedes competition.
c. Advertising promotes economies of scale.
d. Advertising increases the perception of product differentiation.
c
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Discuss what is necessary to make rational decisions. Be sure to mention opportunity cost, marginal cost, and marginal benefit
What will be an ideal response?
If baked potatoes and sour cream are complements, then an increase in the price of sour cream decreases the demand for baked potatoes
a. True b. False Indicate whether the statement is true or false
When the consumer spends less than 1% of his income on a good, demand will be
A. elastic. B. unit-elastic. C. inelastic. D. elastic, unit-elastic or inelastic depending upon supply.
Using the above figure, the perfectly competitive firm should shut down if the market price is below
A. P1. B. P2. C. P3. D. P4.