Question:

Branding can be good for society because:

A.

it allows people to show off the branded goods they use or wear

B.

it keeps generic goods from taking over the market

C.

it provides useful information to consumers about the quality of branded goods

D.

it helps firms enjoy higher prices and profits

Answer» c. it provides useful information to consumers about the quality of branded goods

Question:

The demand curve faced by a monopoly is:

A.

vertical

B.

horizontal

C.

upward sloping

D.

downward sloping

Answer» d. downward sloping

Question:

Comparing a monopoly and a competitive firm, the monopolist will

A.

produce less at a lower price

B.

produce more at a lower price

C.

produce less at a higher price

D.

produce less at a lower price

Answer» c. produce less at a higher price

Question:

The want satisfying power of a commodity:

A.

Satisfaction

B.

Utility

C.

Value

D.

Marginal Utility

Answer» b. Utility