Some people happily pay more for Coke or Pepsi than they are willing to pay for a
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Some people happily pay more for Coke or Pepsi than they are willing to pay for a nonbranded cola. And some people happily pay more for Tylenol than they are willing to pay for generic acetaminophen. How do brand names help consumers? How do brand names change the behavior of producers? Why would it not be efficient to make brand names illegal?
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Brand names signal the consumer that a good or service has a high and consis...View the full answer
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