The Figure Given Below Shows the Revenue and Cost Curves

question 65

Multiple Choice

The figure given below shows the revenue and cost curves of a monopolistically competitive firm.Figure 12.4
MR: Marginal revenue curve
ATC: Average total cost curve
MC: Marginal cost curve
-Which of the following is an example of price competition?

• A)Nike signs LeBron James to a $90 million contract for endorsements.
• B)Kellogg's puts the images of Snap, Crackle, and Pop on boxes of Cocoa Krispies, linking the cereal with Rice Krispies.
• C)McDonald's introduces new garden McSalads.
• D)Tropicana introduces the Blue Raspberry Rush juice.
• E)Apple offers a 20% discount on its new range of iPhones.

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Definitions:

Psychographics

Pertains to the study of personality, values, opinions, attitudes, interests, and lifestyles of individuals or groups.

Market Segmenting

The process of identifying and targeting discrete groups within a larger market, each with its own set of needs, preferences, or characteristics, for more focused marketing efforts.

Standardization

The process of making something conform to a standard.