Explain the difference between informational advertising and persuasive advertising. Give an example of a product that would be the subject of each type of advertising and explain why that type of advertising fits the product
What will be an ideal response?
Informational advertising explains the features of a good while persuasive advertising tries to influence a consumer's tastes and preferences. Informational advertising is used when a consumer can assess the benefits of the good before purchasing while persuasive advertising is used when a consumer must purchase the good to determine the good's benefits. Furniture would be advertised by informational advertising. The consumer can touch and try the furniture out before purchasing. A candy bar would be advertised by persuasive advertising since you must eat the candy before you know whether or not you will like it.
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In the short run, ________ increases the quantity of labor demanded by the firm
A) a decrease in the price of the firm's output B) an increase in the prices of other factors of production used by the firm C) a technological advance that decreases the marginal product of labor D) a decrease in the wage rate
Graphically, the marginal revenue curve of a monopolist
a. will sometimes lie below the demand curve of the monopolist. b. will always lie below the demand curve of the monopolist. c. is the same as the demand curve of the monopolist. d. will equal -1 when the elasticity of demand is unitary.