Answer:
1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True
2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True
3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False
4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False
5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True
6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True
7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True
Explanation:
Answer:
The correct answer is letter "C": Profitable product lines may be dropped.
Explanation:
The decision of making a product in-house or relying on an outsourcing manufacturer is evaluated mainly by comparing the costs that handling a new production line carries. While outsourcing can save a company a great amount of money in <em>labor, equipment, materials, </em>and <em>knowledge</em>, quality control is not managed directly.
However, <em>a new line of components in-house implies incurring in most costs that could conflict the production of existing profitable product lines that could see their numbers reduce gradually until the product drops.</em>
Answer:
b. The standardization and grading function
Explanation:
Based on the information provided within the question it can be said that the function of marketing that does this is the standardization and grading function. This helps the customers with buying and selling of goods by sample or description. In other words by sorting them by a specific size and quality so that customers already understand what it is and do not have to bother with a detailed assessment.
Answer:
What is this meaning?? ILUMINATE??
Answer:There will be increase in supply and decrease in demand
Explanation:
One of the Law of demand states that the lower the price the higher the quantity demanded and vice versa, while for supply it states that the higher the price the higher the quantity supplied and vice versa.
Since the value of US dollar is still high then the supply will be high in the market, but with the expectation of future fall, demand will be low because buyers are waiting for drop in value. There will be excess supply and lower demand.
