Martin Always Chooses Colgate Toothpaste at His Local Drug Store

question 62

Multiple Choice

Martin always chooses Colgate toothpaste at his local drug store. However, when the store occasionally runs out of Colgate, he will purchase Crest or Mentadent. What level of brand loyalty does Martin have to Colgate?

• A) Awareness
• B) Insistence
• C) Preference
• D) Resistance
• E) Partiality

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the surplus revenue after accounting for all costs.

Economic Loss

A situation where total costs exceed total revenues, indicating that a firm is not covering its opportunity costs.

Accounting Profit

The calculated income of a business or company after subtracting all explicit costs from total revenues.

Average Variable Cost

Calculated by dividing the total variable costs by the quantity of output produced, representing the variable cost per unit of output.