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A manufacturer of pots and pans advertises on late-night cable television a set of patented no-stick surface cookware, called Miracle Cookware
A manufacturer of pots and pans advertises on late-night cable television a set of patented no-stick surface cookware, called Miracle Cookware. The advertisement states, Miracle Cookware is not available in any store. If you go to a household supply retailer, you can find many other cookware brands that claim to have exactly the same attributes that Miracle Cookware claims. One of these brands is Never-stick Cookware. It turns out Miracle Cookware and Never-stick Cookware are made by the same company. Provide an explanation for this, and a prediction as to which sells at a higher price, Miracle Cookware or Never-stick Cookware, ignoring shipping costs.
Expert Solution
Never-Stick Cookware will be sold at a higher price because it is the cookware that has already covered the market and the customer already knows and trust the Never-Stick Cookware, but people do not know the quality of the Miracle Cookware. As both cookware is produced by the same company and the quality is also the same, customer demand more Never-Stick Cookware and ultimately its price will be higher.
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