Principles of Economics- Mankiw (5th) 380

Principles of Economics- Mankiw (5th) 380 - 390 PA R T F I...

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390 PART FIVE FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY physically possible, it is obligatory that the firm identify itself on the good or packaging with a “production mark.” Goldman quotes the analysis of a Soviet marketing expert: This [trademark] makes it easy to establish the actual producer of the product in case it is necessary to call him to account for the poor quality of his goods. For this reason, it is one of the most effective weapons in the battle for the quality of products. . . . The trademark makes it possible for the consumer to select the good which he likes. . . . This forces other firms to undertake measures to improve the quality of their own product in harmony with the demands of the consumer. B RAND NAMES CONVEY INFORMATION TO consumers about the goods that firms are offering. Establishing a brand name—and ensuring that it conveys the right information—is an important strategy for many businesses, including TV networks. A TV Season When
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