When You Purchase an Item from Globus Corp

question 16

Multiple Choice

When you purchase an item from Globus Corp.,they place the item in a paper bag with handles and vertical yellow,blue,and white stripes.Even without seeing the words "Globus Corp." on the bag,many people recognize that the purchase is from Globus.The bag's coloring and design is considered its ______.

• A) trade dress
• B) certification mark
• C) collective mark
• D) service mark
• E) trademark

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Definitions:

Profit-maximizing Output

The maximum profit attainment point for a company occurs when the marginal cost matches the marginal revenue, indicating the optimum production level.

Purely Competitive Firm

A firm operating in a market where there are many sellers and buyers, the products are homogenous, and there are no barriers to entry or exit, leading to market prices being determined by supply and demand.

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to adjust to changes in demand or production costs.