It Was Not Until the Introduction of the Chevrolet Nova

question 79

True/False

It was not until the introduction of the Chevrolet Nova in Mexico that marketers realized "no va" in Spanish means "won't go." This linguistic error demonstrates how Chevrolet overlooked cultural differences in its product introduction.

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Definitions:

Short Run

A period in economics during which at least one input is fixed and cannot be changed. It contrasts with the long run, where all inputs can be adjusted.

Long Run

A period in economic analysis during which all factors of production and costs are variable, allowing for full industry adjustment.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the cost per unit of output.

Break-Even Point

The point where total costs equal total revenue, meaning no profit or loss is incurred.