Author Question: Which of the following is true about advertising by a firm? a. It is not always successful in ... (Read 19 times)

chandani · **on:** Jun 30, 2018

Which of the following is true about advertising by a firm?
a. It is not always successful in increasing demand for a firm's product.
b. It attempts to increase demand and to make demand more inelastic.
c. It may reduce per unit costs of production when economies of scale are experienced.
d. All of these.

Question 2

The sum of the explicit and implicit costs incurred in the production process is called:
a. fixed cost.
b. sunk cost.
c. marginal cost.
d. total cost.