Solved: How do brand names help consumers, Microeconomics

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How do brand names help consumers

Problem

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?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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