2. Consumers benefit from advertising: (1 pt., CHOOSE I) L by gaining product in

Question

2. Consumers benefit from advertising: (1 pt., CHOOSE I) L by gaining product information II. by being persuaded to try a new product they might like III. when the ad provides a signal of the product's quality IV. if the ad leads to a lower price for the market A) IV only B) II and III only C) I and II only D) I, I1, III, and IV 3. In a stable, monopolistically competitive market for restaurants there are: (1 pt., CHOOSE 1) A) zero profits on average, and consumers are indifferent about where they eat. B) zero profits on average, and consumers have preferences about where they eat. C) positive profits on average, and consumers are indifferent about where they eat. D) positive profits on average, and consumers have preferences about where they Chapter 18 4. Table: Sunshine Flower Vase Co. Number of Workers Total Revenue (S) Daily 4. 6 1,350 1,580 1,760 1.885 1,965 2,015 Use the table above to answer the following questions A) What is the marginal product of labor for the fifth worker? (1 pt.) B) If the market wage for each worker is S100 per day, how many workers will the c hire? (1 pt.)

Explanation / Answer

2.

Correct option: (D). I, II, III and IV

Reason: Consumers will be benefitted from advertising by getting to know the product more, gets priced low, identifying special feaures of it, getting incentivised to try it and provide a signal to consumer regarding high quality of it.

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