When a Wholesaler or Retailer Develops a Brand Name and Has

question 54

Multiple Choice

When a wholesaler or retailer develops a brand name and has the manufacturer place that name on the product,what is that product name called?

• A) National brand
• B) Private brand
• C) Luxury brand
• D) Licensed brand
• E) Manufacturer brand

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Definitions:

Profit-Maximization

A company's goal to achieve the highest possible profit, where marginal revenue equals marginal cost.

Altruistic Motives

Altruistic motives are actions or behaviors driven by the desire to help others without expecting personal gain.

Consumer Good

Goods that are produced for personal consumption by the general public.

Inelastic

Describing demand that is relatively unresponsive to changes in price.