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1. Write a sentence or two defining the following terms in your own words. Give examples of each.
p. Scarcity
q. Substitute Goods
r.
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- Give only typing answer with explanation and conclusion Strategic Marketing: Why has Social Responsibility grown over the last few years? What makes Social Responsibility an important issue for businesses?Suppose a small economy integrates with a large economy in Krug- man's model of monopolistic competition and trade. It is the con- sumers in the (__) who benefits more A. small economyB. Large economyA restaurant, has two main courses, steak and fish. Assume for simplicity that both specialties can be prepared at zero marginal cost. The restaurant has two loyal diners: Mr. A, who is willing to pay $120 for the steak and $40for the sea bass, and Ms. B, who is willing to pay $50 for the steak and $150 for the fish. a) The restaurant would like to charge Mr. A more for the steak and Ms. B more forthe fish. Would it be difficult to do this? Why? b) Suppose the restaurant decides to offer a special menu that includes both the ribeye steakand the fish. What price should it set for the menu? How much profit will the restaurant make under this arrangement?
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