A Firm's Efficient Scale Is the Quantity at Which ________

question 106

Multiple Choice

A firm's efficient scale is the quantity at which ________ is a minimum.
A firm has excess capacity if it produces ________ its efficient scale.
In the long run,a firm in monopolistic competition produces less than the efficient scale and has excess capacity because the firm faces a ________ demand curve.

• A)average total cost;below;downward-sloping
• B)marginal cost;above;horizontal
• C)average total cost;above;downward-sloping
• D)marginal cost;below;horizontal
• E)average variable cost;below;downward-sloping

Know the various cost-effective methods of test marketing.

Recognize the necessity of following each stage in the New Product Development (NPD) process for its effectiveness.

Identify the different adopter categories in the product adoption process and their characteristics.

Understand the concept of experiential products and their marketing challenges.

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Definitions:

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