Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 24, Problem 3QP
To determine
Explain why the producer uses a designed label to differentiate her product from another product.
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There are several hamburger shops around you. You are trying to find ways to make your hamburger shop the most successful hamburger shop in your area. What is at least one way you would differentiate your shop from others?
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Why did the competitor change the price?
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Economics (MindTap Course List)
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- how markup pricing can be helpful to managers to make the firm earn the maximum amount of profit possible.arrow_forwardWhat type of goal focuses on increasing brand awareness? a) Monetary goal b) c) Strategic goal Developmental goal d) Quantitative goalarrow_forwardIn what situation would a company give a discount?arrow_forward
- Outline the economic factors that affect marketing decisions and consumer buying power.arrow_forwardFrom a marketing strategy and customer intimacy perspective, to what extent do you believe companies ‘know the business they are in?arrow_forwardMonopolistic competition creates inefficiency because of the markups and excess capacity. The graph below depicts the situation for a hypothetical monopolistically competitive firm. The curves included in the graph are demand (D), marginal revenue (MR), average total cost (ATC), and marginal cost (MC). The graph is not graded, but you can move the point labeled P to help you find the numeric values to answer the questions. Price $ 80 MC M 45 P D ATC Quantity What is the size of the markup on the price? Number $0 What is the size of the excess capacity? Number Unitsarrow_forward
- Why do some restaurants charge very high prices for wine, drinks and bottled water and yet quite reasonable prices for food?arrow_forwardSuppose the local electrical company, a legal monopoly based on economies of scale, was split into four firms of equal size, with the idea that eliminating the monopoly would promote competitive pricing of electricity. What do you anticipate would happen to prices? Why? Use the editor to format your answerarrow_forwardIn which type of market, monopolistic or competitive market, is the equilibrium market price lower? Why?arrow_forward
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