CRAFT MINI CASE: Global Craft Is an Importer of Crafts

question 32

Multiple Choice

CRAFT MINI CASE: Global Craft is an importer of crafts from Indian and African artisans to the United States. The company broadcasts a standardized advertising campaign nationwide emphasizing the fair price that it pays for the crafts that it imports, supporting rather than exploiting these craftsmen. Its advertising also serves to introduce American consumers to international craft products to which they may not have been already introduced.
-In the CRAFT MINI CASE, Global Craft capitalizes on its reputation for ________ to promote the products it imports.

• A) social responsibility
• B) global myth
• C) quality signaling
• D) prestige
• E) value

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Definitions:

Supply Curve

A graphical depiction that shows the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing and able to provide, at given prices.

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price of those goods.

Determinant Of Supply

A factor that influences the quantity of a good or service that producers are willing to offer for sale at a given price over a period.

Current Production

The total amount of goods and services produced by an economy or firm at the present time.