The "damaged goods" strategy refers to
a. Trying to sell damaged goods to your customers
b. Damaging the goods after they have been paid for but before the shipping
c. Incurring additional costs to make the cheaper goods unattractive to high-value users
d. Incurring additional costs to make the more expensive goods better quality
c
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In the presence of asymmetric information,
A) all contracts are efficient. B) efficiency in risk bearing cannot be achieved. C) a trade-off exists between risk-bearing efficiency and production efficiency. D) no contracting will take place.
If an increase in prices increases total revenue for a product in the short run, in the long run, it will: a. Increase total revenue by more
b. Increase total revenue by less. c. Decrease total revenue. d. Either b. or c. could result in the long run.