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Author Question: Related to the Economics in Practiceon page 314: From a consumer welfare standpoint, as the variety ... (Read 73 times)

itsmyluck

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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.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by itsmyluck on Apr 19, 2019

morrie123456

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Reply #1 on: Apr 19, 2019
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itsmyluck

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Reply 2 on: Apr 19, 2019
YES! Correct, THANKS for helping me on my review

carojassy25

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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