Principles of Microeconomics, 7th Edition

by Mankiw, N. Gregory

Published by South-Western College

ISBN 10: 128516590X

ISBN 13: 978-1-28516-590-5

Chapter 16 - Part V - Monopolistic Competition - Questions for Review - Page 345: 7

Answer

In general, buyers trust brand names more because they say something about a product's quality. Brand names also encourage sellers to maintain good quality, because having a good reputation is important in sales.

Work Step by Step

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