The Profit Earned by an Industry Is Likely to Be

question 22

Multiple Choice

The profit earned by an industry is likely to be low if the

• A)industry has only a few large customers.
• B)industry has many customers.
• C)product produced in the industry has only a few substitutes.
• D)degree of rivalry among industries is low.

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Definitions:

Semantic Memory

A type of long-term memory involving the ability to remember meanings, concepts, facts, and general knowledge about the world.

Craik And Lockhart

Refers to a theory of memory proposed by Fergus I. M. Craik and Robert S. Lockhart that suggests memory retention is determined by the depth of mental processing, with deeper levels of analysis leading to more enduring memory.

Rectangular

Having the shape or characteristics of a rectangle, which is a four-sided figure with opposing sides equal and right angles.

Long-Term Memory

The phase of the memory system capable of storing information for prolonged periods, often throughout a person's life.