Bilateral monopoly exists when
A) a single buyer confronts a single seller.
B) there are two monopolistic buyers trying to buy resources.
C) two labor unions are trying to represent the same group of workers.
D) a firm is both a monopoly in its output market and a monopsonist in its input market.
A
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Crisps and Smith's are the only two bakeries that sell cookies in a small community. Crisps sells butter cookies while Smith's sells chocolate cookies
Which of the following will happen if Smith's lowers its price for cookies slightly below Crisps's price? A) Crisps will lose all its customers to Smith's. B) Smith's will lose all its customers to Crisps. C) Crisps will face a lower demand for its cookies. D) Smith's will face a lower demand for its cookies.
Brand management refers to
A) the efforts to maintain the differentiation of a product over time. B) selling the right to use a brand name in a particular market. C) picking a brand name for a new product that will attract attention. D) efforts to reduce the cost of production.