Without Permission, a Russian Firm Names Itself McDonald's and Begins

question 55

Multiple Choice

Without permission, a Russian firm names itself McDonald's and begins selling hamburgers and French fries in Russia. This is

• A) ​piracy.
• B) ​a licensing agreement.
• C) ​indirect exporting.
• D) ​franchising.

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.

Bluegrass Albums

Collections or compilations of music that belong to the bluegrass genre, characterized by string instruments and roots in American folk music.

Revenues

The complete sum of funds a company acquires from selling goods or delivering services over a specific time frame.

Unit Elasticity

A scenario in which the percentage change in quantity demanded or supplied is equal to the percentage change in price, resulting in no change in total revenue.