Advertising for Milk and Beef is usually done by
A) interest groups that represent the whole industry.
B) a single firm in the market.
C) a small set of firms in a market.
D) It is not done because it doesn't pay to advertise homogeneous products.
A
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According to the Theory of the Second Best, why might market liberalization through elimination of some market distortions, such as particular trade restrictions, lead to social welfare losses?
What will be an ideal response?
Which of the following statements accurately describes a commonality between the classical and Keynesian schools of thought?
a. Prolonged unemployment is impossible over the long run. b. Wages, prices, and interest rates adjust quickly in the short run. c. In the long run an economy returns naturally to its potential output level. d. Prolonged recessions are due to wage inflexibility.