A Means of Displaying or Graphing in Two Dimensions, the Location

question 163

Multiple Choice

A means of displaying or graphing in two dimensions, the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand, is referred to as __________.

• A)cross-tabulation
• B)perceptual map
• C)market-product grid
• D)growth-share matrix
• E)product differentiation table

---

Definitions:

Diminishing Marginal Product

The principle that says the marginal product of a factor of production decreases as the quantity of the factor is increased, holding all else constant.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of production and the cost per unit of production decrease.

Average Total Cost

The total cost of production divided by the number of units produced, representing the per-unit cost of production.

Total Revenue

The total income generated by a company from the sale of goods or services before any expenses are subtracted.