Author Question: Related to the Economics in Practiceon page 314: From a consumer welfare standpoint, as the variety ... (Read 72 times)

itsmyluck · **on:** Apr 19, 2019

Question 1

The case against advertising includes the assertion that advertising

◦ keeps firms from spending huge sums of money to create artificial differences among goods.
◦ provides consumers with valuable information about product availability, quality, and price.
◦ decreases competition by increasing barriers to entry of new firms into an industry.
◦ ensures high quality and efficient production.

Question 2

Related to the
Economics in Practice on page 314: From a consumer welfare standpoint, as the variety of available choices of a particular type of product increases, consumer welfare

◦ increases at a proportional rate.
◦ decreases at a proportional rate.
◦ increases to a point, but eventually may lose value with too much variety.
◦ tends to remain very constant.

morrie123456 · **Reply #1 on:** Apr 19, 2019

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