Refer to the Following

question 7

Multiple Choice

Refer to the following:

A firm with two factories, one in Michigan and one in Texas, has decided that it should produce a total of 500 units of output in order to maximize profit. The firm is currently producing 200 units in the Michigan factory and 300 units in the Texas factory.

At this allocation between plants, the last unit of output produced in Michigan added $5 to total cost, while the last unit of output produced in Texas added $3 to total cost.


-In order to maximize profit, a firm that total output between the two plants so that produces its output in two plants will allocate

• A) marginal cost is equal for the two plants.
• B) marginal revenue is equal for the two plants.
• C) marginal cost for the firm is equal to the sum of the plants' marginal revenue.
• D) both a and b
• E) all of the above

Identify what constitutes publicity and its impact on a corporation's image.

Recognize the importance and process of conducting follow-ups for customer satisfaction.

Identify the classification of products in marketing.

Understand the product life cycle and its stages.

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Definitions:

M'Naghten Rule

A legal standard used to determine whether a defendant was insane at the time they committed a crime, focusing on whether they understood the nature of their act or knew right from wrong.

Irresistible Impulse Test

A legal test for insanity that holds people to be insane at the time they committed a crime if they were driven to do so by an uncontrollable “fit of passion.”

Durham Test

A legal test for insanity that holds people to be insane at the time they committed a crime if their act was the result of a mental disorder or defect.

American Law Institute Test

A legal test for insanity that holds people to be insane at the time of committing a crime if, because of a mental disorder, they did not know right from wrong or could not resist an uncontrollable impulse to act.