14 May EXPLAIN WHY THE AMOUNT THAT FIRMS SPEND ON ADVERTISING DEPENDS UPON THE CHARACTERISTICS OF THEIR PRODUCTS.
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Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs. Be sure to carefully read each question to ensure that each component is answered with the appropriate depth and detail. Assignment questions are cumulative, meaning they will have questions from the current and previous lessons. Your answers should be free of spelling and grammar errors. When you use reference material, you must properly cite your sources with in-text citations. You must also include a reference list. All documentation must be rendered inAPA citation style. (See announcements for details on APA.) TheRio Salado Online Library is the best source for authoritative, validated information on your research topics. Review theShort-Answer Grading Rubricas you prepare to complete this assignment.
1. What is a price taker? Discuss the assumptions that are made in order to obtain the perfectly competitive model. –Answer below: .
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2. Define the short-run break-even price. What are economic profits at this price? Why would a firm be willing to operate permanently at this price? –Answer below: .
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3. An upscale bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination? Explain your answer. –Answer below: .
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4. What is the social cost of a monopoly? Explain. –Answer below: .
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5. Explain why the amount that firms spend on advertising depends upon the characteristics of their products. –Answer below:
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