Which of the Following Is an Implication of the Law

question 40

Multiple Choice

Which of the following is an implication of the law of diminishing returns?

• A) Total output will decline as more workers are hired.
• B) In the long run, average total cost will eventually decline as output is expanded.
• C) In the short run, expansion of output will eventually lead to increases in marginal cost and average total cost.
• D) A doubling of all inputs will lead to more than a doubling of output.

Analyze the impact of marketing communications on consumer attitudes and behaviors.

Understand the application of the ABC model of attitudes in explaining consumer actions.

Describe the principle of cognitive dissonance and its effects on consumer post-purchase behavior.

Explain how theories of attitude commitment influence consumer-brand relationships.

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Definitions:

Infant Industries

New or emerging sectors or businesses that may not yet be competitive on a global scale and are often protected or supported by government policies until they can compete internationally.

Protected Market

A market shielded from foreign competition by tariffs, quotas, or other trade barriers to protect domestic industries.

Migration

The movement of people from one area to another, often across borders or within a country, for the purpose of settling, work, or seeking better living conditions.

Trade Restrictions

Measures imposed by governments to control the amount and types of goods and services traded across borders, such as tariffs, quotas, and embargoes.