Other Than by Adjusting Price, the Two Main Ways in Which

question 88

Multiple Choice

Other than by adjusting price, the two main ways in which a firm in monopolistic competition competes with other firms are by ________ and ________.

• A)innovation and product development; advertising
• B)taking surveys to discover the wants of its consumers; opening up new retail outlets
• C)changing its method of production; relocating its factories to areas with lower wage rates
• D)decreasing its workforce; using new technology
• E)advertising; producing the efficient quantity

---

Definitions:

Nobel Peace Prize

An international award given annually to individuals or groups for outstanding contributions to peace.

Arab-Israeli War

Refers to any of the series of conflicts and wars between the state of Israel and surrounding Arab countries, which began in earnest after the establishment of the state of Israel in 1948.

Ralph Bunche

An American political scientist and diplomat who played a significant role in the formation and administration of the United Nations, winning the Nobel Peace Prize in 1950.

Myth of the Negro Past

A concept challenging the historical misrepresentation of African-American heritage, asserting the existence of a rich cultural past among Africans before slavery.