Explain why high priced lawyers may support an industry ban on price advertising for lawyers
What will be an ideal response?
An advertising ban that prohibits lawyers from advertising prices allows lawyers to charge higher prices. The search cost of finding a less expensive lawyer is much higher if no price advertising occurs.
Economics
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If a monopolist were to produce in the inelastic segment of its demand curve
A) total revenue would be at a maximum. B) total revenue would be at a minimum. C) the firm would maximize profits. D) a further drop in the price will change quantity demanded less than proportionately.
Economics
A consumer's indifference curves are right angles when, for the consumer, the goods in question are __________
Fill in the blank(s) with correct word
Economics