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econ 402 final- sang lee || with Accurate Answers 100%.
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All of the following are true regarding false advertising except which one? correct answers it can misrepresent the price of a good or service A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good. correct a...

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  • August 16, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • all of the following are true regarding false adve

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econ 402 final- sang lee || with Accurate Answers 100%.
All of the following are true regarding false advertising except which one? correct answers it can
misrepresent the price of a good or service

A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a
desk calendar is an example of a(n) ________ good. correct answers experience; inspection

A box of biodegradable baby diapers is an example of a(n) ________ good and also an example
of a(n) ________ good. correct answers credence; experience

False advertising ________ likely to be successful with a plush stuffed toy sold at retail stores
because the stuffed toys are a(n) ________ good. correct answers is not; inspection

Angelo's Calzones is opening a new location in Colorado. To attract new customers, the
managers of Angelo's advertise the following slogan, "Angelo's Calzones: The BEST Calzone
You Will Ever Eat!" If Angelo's calzones are really of poor quality, this is an example of
________ a(n) _______ good. correct answers falsely advertising ; experience

The potential for profit−increasing false advertising is greatest for which of the following goods?
correct answers washing machine

All else equal, the ________ the pool of buyers who can be fooled once by false advertising, the
________ profitable it is to falsely advertise. correct answers larger; more

________ goods are most often greenwashed. correct answers credence

________ can force a competitor to stop false advertising. correct answers D. both FTC and
Lanham

The impact of truthful advertising on a firm's demand is most relative to firms selling inspection
goods rather than credence goods. correct answers false

If a manufacturer and retailers have a resale price maintenance (rpm) agreement, typically the
manufacturer permits retailers to charge a resale price ________ the specified ________ correct
answers above; minimum

Product−specific services are valuable to complex ________ goods that consumers purchase
________. correct answers experience; infrequently
-ex: a professional camera.

Product−specific services are most likely to be valuable for which of the following? correct
answers c. camera

All of the following are examples of product−specific services except which one? correct
answers b. offering the lowest price

, Offering product−specific services ________ consumer demand, shifting the market demand
curve to the ______. correct answers increases; right

In order for resale price maintenance (rpm) to increase the quantity of good sold, the shift in the
market demand curve must be ________ the shift in the market supply curve. correct answers
more than

It is not possible for an online retailer with no physical locations to free ride on other retailers'
in−store product−specific services. correct answers false

Which of the following goods is likely to be sold through an auction? correct answers b. the
classic Buick

An English auction is a(n) ________−bid auction in which participants ________ observe other
participants' bids. correct answers ascending; do

In an English auction, the ________ bidder wins the auction and pays ________. correct answers
highest; amount of the bid

A Dutch auction is a(n) ________−bid auction in which participants ________ observe each
other. correct answers descending; do not

A sealed−bid first−price auction ________ common in business settings, and participants in this
kind of auction ________ observe other participants' bids. correct answers is; do not

The winner of a sealed−bid first−price auction is the participant who bid the ________ and pays
the amount of the ________. correct answers highest ; bid

In which of the following auction types do participants have substantial information about
competitors' bids? correct answers English

Happy Cows is bidding on a large piece of farm equipment to process their dairy products. The
managers of Happy Cows have estimated the additional profit Happy Cows will earn from the
piece of equipment and have valued the equipment at $125,000. Happy Cows' value of the farm
equipment is ________. correct answers independent private value

Suppose the U.S. government is auctioning the rights to mine for gold in a
governmentminus−owned region on the West coast. Gold has been found in areas close to the
region to be auctioned and gold has a fixed market price. The value of the rights to mine for gold
in this region is an example of ________. correct answers common value

The optimal strategy when participating in an English auction to buy an independent private
value item is to bid ____ your valuation and ____ your valuation as the auction goes on. correct
answers up to; not adjust

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