Scenario 11.1 Use the Scenario to Answer the Questions

question 107

Multiple Choice

Scenario 11.1
Use the scenario to answer the questions.
Cheetos Fat-free Crunchies is a product developed through continuous innovation. Cheetos engineered a technique for making low-fat snacks that taste delicious and also remain fresh for a longer duration. It introduced Fat-free Crunchies in limited markets in 2012 and began nationwide distribution in 2013.
About 18 months later, a series of ads by Cheetos' competitors was aired to counterclaim that Cheetos Crunchies actually contained 1.5 grams of fat along with some percentage of preservatives and additives. Research showed that Cheetos Crunchies was not well-received by certain groups of customers. To retain its consumer base, Cheetos reduced the remaining fat of Chrunchies to 0 grams, took out the preservatives, and improved the taste.
-Refer to Scenario 11.1. Cheetos produces several cheese-based snacks and is keen on developing a new brand of crackers. This new Cheetos product would most likely be an example of a(n) :

• A) brand extension.
• B) line extension.
• C) quality modification.
• D) functional extension.
• E) aesthetic modification.

Understand and apply the concept of Marginal Revenue Product of Land, Labor, and Capital to make hiring decisions.

Analyze how changes in wage rate affect the quantity of labor hired by a firm.

Differentiate between economic scenarios based on theoretical frameworks to make labor market decisions.

Calculate and interpret the implications of changes in factor prices on the demand for labor, land, and capital.

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Definitions:

Societal Role-Player

An individual or group that takes on specific roles or responsibilities within a society, contributing to social functioning and structure.

Role Transition

The process of changing from one role to another, which can involve shifts in responsibilities, identity, or expectations in various contexts like career, personal life, or social standing.

Inter-profile Conflict

Disagreements or disputes that arise between different profiles or personas within a given context.

Weakness Identification

The process of recognizing areas where one may lack strength or proficiency, often used in personal and professional development.