What Did Theodore Levitt Argue in His 1983 Article "The

question 45

Multiple Choice

What did Theodore Levitt argue in his 1983 article "The Globalization of Markets"?

• A) Worldwide consumer tastes are converging
• B) Local responsiveness is increasingly necessary
• C) Firms should stay domestic
• D) Globalization is reducing the need for MNEs

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Definitions:

Price-Elastic Demand

Describes a situation where the quantity demanded of a good or service significantly changes in response to changes in its price.

Community College

A public institution providing higher education and lower-level tertiary education, granting certificates, diplomas, and associate degrees.

Price Discrimination

The strategy of selling the same product to different customers at different prices based on their willingness to pay, not differences in production costs.

Fourth of July

A national holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776.