In Which Type of Industry Would a Marketing Director Be

question 150

Multiple Choice

In which type of industry would a marketing director be most likely to say, "The purpose of our advertising is to differentiate our firm's products from our competitors' products"?

• A)oligopoly
• B)pure competition
• C)pure monopoly
• D)monopolistic competition

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Definitions:

Constant Returns to Scale

A situation in production where increasing all inputs by a certain proportion results in output increasing by the same proportion.

Price-taker Industry

Industries where firms have no control over the market price and must accept the prevailing prices as given.

Short-run Market Supply

The total quantity of goods or services that producers are willing and able to sell at a given price in the market over a short period.

MC Curves

A graphical representation of how the marginal cost of producing one additional unit of a good varies with the quantity produced.