Firms That Produce and Sell Technologically Advanced Products in a Market

question 56

Multiple Choice

Firms that produce and sell technologically advanced products in a market make additional efforts to develop a good reputation and a brand name.This is because:

• A)the brand name alone is sufficient to boost sales every year.
• B)the brand name makes a firm's product perfectly price elastic.
• C)the brand name lowers a firm's cost of production in the long run.
• D)the brand name provides reliable information about the quality of the firm's product.

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Definitions:

Manufactured Goods

Products that have been processed or transformed from raw materials into finished goods ready for sale.

Services

Intangible products such as healthcare, education, and entertainment that are provided to consumers.

Intermediate Goods

Products used as inputs in the production of final goods or services, not sold directly to consumers.

Migration

The movement of people from one place to another, often with the intent of settling temporarily or permanently in the new location.