Critics of markets that are characterized by firms that sell brand name products argue that brand names encourage consumers to pay more for branded products that
a. have elastic demand curves.
b. are very different from generic products.
c. are indistinguishable from generic products.
d. consumer-advocate groups have found to be inferior.
c
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According to the principle of rational choice, if there is diminishing marginal utility:
A. and the price received for supplying a good goes up, you supply less of that good. B. after a certain point, even if the price goes up, you don't supply more of that good. C. and the price received for supplying a good goes up, you supply more of that good. D. the decision producers face about how much to supply is not affected.
An exchange rate that varies according to supply and demand for the currency in the foreign exchange market is called a ________ exchange rate.
A. flexible B. nominal C. real D. fixed