If advertising makes a firm's demand curve more inelastic, it is probably because

a. the advertising backfired
b. the goods advertised are no longer differentiated
c. competitors raised their prices in response to the firm's advertising
d. brand loyalty to the firm's good increased
e. quality changes make the good more attractive

D

Economics

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Adam Smith was an advocate of:

a. a nation maximizing its stock of gold. b. unrestricted or free trade. c. mercantilism. d. the visible hand of public interest.

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What can the government do to solve the problem of excessive use of common resources?

Economics