Differences in Both the Cultural and Physical Environment Across Countries

question 65

Multiple Choice

Differences in both the cultural and physical environment across countries call for a _________________________ strategy.

• A) product and communication extension--dual extension
• B) product invention
• C) product extension--communications adaptation
• D) product adaptation--communications extension
• E) product and communications adaptation--dual adaptation

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Definitions:

Deadweight Loss

A decrease in economic efficiency arising when a good or service fails to attain or cannot possibly attain equilibrium.

Deadweight Losses

Economic inefficiencies that occur when equilibrium in a market is not achieved or when market allocation of resources is not optimal, often due to externalities or government intervention.

Consumer Surplus

A rephrased definition: The economic benefit that consumers receive when they can purchase a product for less than the maximum price they are willing to pay.

Consumer Surplus

The gap between the overall sum consumers are ready and able to spend on a product or service and what they really spend.