For Many Years,Procter & Gamble (P&G)viewed Its Ivory Soap as Just

question 33

Multiple Choice

For many years,Procter & Gamble (P&G) viewed its Ivory soap as just plain old soap-and not as a cleansing product that could provide other benefits as well.When it came to Ivory soap,P&G focused on how well it made the soap and not on what customers wanted from a bar of soap.It had a _____ orientation.

• A) sales
• B) production
• C) market
• D) product
• E) customer

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Definitions:

Perfectly Competitive

A perfectly competitive market is one where many buyers and sellers trade identical products so that each has no influence on the market price.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a firm to adjust to changes in market demand or supply.

Long-Run Industry

A period in which all factors of production and costs can be variable, allowing for adjustment to changes in market conditions.

Zero-Profit Equilibrium

A situation where a firm's total revenues exactly equal its total costs, resulting in no economic profit.