In order to use lock-in as a competitive strategy, firm managers should be prepared to do all of the following except:
A) invest in a given base of customers by giving concessions initially.
B) avoid selling complementary products and access to the customer base.
C) be the first to bring a new type of product to market.
D) use loyalty programs as part of an entrenchment strategy.
B
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The income elasticity of demand for housing property is exactly 1.40 . Due to a recession, you expect incomes to drop by 5% next year. How will consumers adjust their purchase for housing property?
a. Buy 5% more houses b. Buy 5% fewer houses c. Buy 7% more houses d. Buy 7% fewer houses
Which of the following best illustrates the fallacy of composition?
a. If I stand up at a baseball game I will be able to see the game better; if all fans stood up at a baseball game they would all be able to see the game better. b. If I wore a jacket to a baseball game in October, I would be warmer; if all fans wore jackets they would all be warmer. c. If I purchase fewer concessions at a baseball game, I will save money; if all fans purchase fewer concessions then all can save money. d. If I yell more during a baseball game it will be louder if all fans yell more during the game it will be much louder.