In some markets consumers may buy many different brands of a product. Which of the statements below best represents a situation where demand for a particular brand would be very elastic?
Select one:
a. "The different brands are almost identical so I always buy the cheapest."
b. "I use so little of that product that when I do buy it, I don't pay much attention to the price."
c. "The brand I buy is so superior to other available brands that I hardly consider the others."
d. "I pinch pennies in buying other products, but like most people I feel I owe it to myself to get the best brand of this product."
a. "The different brands are almost identical so I always buy the cheapest."
Answers: 2
Business, 22.06.2019 15:50, fireemblam101ovu1gt
Evaluate a real situation between two economic actors; it could be any scenario: two competing businesses, two countries in negotiations, two kids trading baseball cards, you and another person involved in an exchange or anything else. use game theory to analyze the situation and the outcome (or potential outcome). be sure to explain the incentives, benefits and risks each face.
Answers: 1
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