The Fact That Parties Have Brand Names Means

question 60

Multiple Choice

The fact that parties have brand names means

• A) the only thing distinguishing them is reputation.
• B) their names evoke certain positions or issues.
• C) that citizens have a long-standing record of support for a party.
• D) that citizens are likely to grow tired of their party at some point, as they often do with brand-name products, and will shop for a new party.

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Definitions:

Marginal-Cost Curve

A graph that displays the cost of producing one additional unit of a good or service.

Average-Total-Cost Curve

A graph that displays the mean total cost of manufacturing across various output quantities, generally characterized by a U-shape because of the effects of economies and diseconomies of scale.

Long-Run Time Period

A duration in economics where all factors of production and costs are variable, allowing for complete adjustment.

Economies Of Scale

The economical benefits that businesses gain from their operation size, typically resulting in lower costs per unit of output as the scale expands.