A State's Power Potential Depends on Its Natural Sources of Power,the

question 43

Multiple Choice

A state's power potential depends on its natural sources of power,the most important of which are

• A) natural resources,industrial development,and public support.
• B) geographic size,industrial development,and leadership.
• C) industrial development,national image,and public support.
• D) geographic size,natural resources,and population.

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Definitions:

Competitive Firms

Refers to companies operating in a market where there are many sellers and buyers, products are similar, and there is free entry and exit from the market.

Price Takers

Describes individuals or companies that accept the market price as given, without having the influence to alter the price of the good or service they are selling or buying.

Advertising

A marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service, or idea.

Marginal Revenue

The rise in income generated by the sale of an extra unit of a product or service.