Salespersons are often a good source of external information in the consumer decisions making process.
a. true
b. false
a. true
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A condition in a market where there is no upward or downward pressure on price is called
A) a shortage. B) a surplus. C) market equilibrium. D) All of the above are possible correct answers.
Bidding in a Dutch auction continues until ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid
In general, the costs tariffs and quotas impose on consumers are
A) large in total and large per person. B) small in total but relatively large per person. C) large in total but relatively small per person. D) small in total and small per person.
Which of the followings is NOT true about the word "autonomous" that economists use?
A) Changes in autonomous components are associated with movements along a curve. B) Changes in autonomous components are associated with shifts of a curve. C) The autonomous component of a variable is exogenous. D) The autonomous component of a variable is independent of other variables in the model.