33. Brand loyalty:
A) exists even when products are virtually identical
B) leads to one price for all brands
C) makes the demand curve facing the firm more price-elastic
D) is possibly only when there are a few firms in the market
35. Which of the following is similar for oligopoly and monopolistic competition?
A) both have many firms
B) both have low concentration ratios
C) both have market power
D) both make independent production decisions
Brand loyalty is the tendency of consumers to buy multiple products almost exclusively from one brand over another. An example would be a consumer who only purchases cereals made by Kellogg's.
Answer and Explanation:
33. Brand loyalty: (D) is possibly only when there are a few firms in the market.
The only way for the brand to build up enough of a base is when...
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from Principles of Marketing: Help and ReviewChapter 2 / Lesson 10