List three reasons why demand for a product will often increase if the product is endorsed by a celebrity
What will be an ideal response?
1. Consumers may believe that the celebrity is particularly knowledgeable about the product.
2. Buying the product may make people feel closer to the celebrity.
3. Buying the product may make people feel fashionable.
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The more closely substitutable are two goods, the
A) more normal looking is the indifference curve for the two items. B) more closely the indifference curve for these two items approximates a straight line. C) more tightly curved is the indifference curve for these items. D) None of the above answers is correct.
Open market purchases and sales are conducted at the:
A) Federal Reserve Bank of Kansas City. B) Federal Reserve Bank of New York. C) Federal Reserve Bank of Chicago. D) Federal Reserve Bank of St. Louis.