Not So Many Years Ago,many U

question 181

Multiple Choice

Not so many years ago,many U.S.consumers thought Americans who purchased Japanese-made radios,televisions,and other electronic equipment were not only behaving inappropriately but also immorally.U.S.consumers who thought buying Japanese products was wrong were exhibiting

• A)back translation.
• B)consumer ethnocentrism.
• C)the trade feedback effect.
• D)consumer bias.
• E)cultural ethnocentricity.

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Definitions:

Marginal Cost

The extra expense resulting from the manufacture of an additional unit of a product or service.

Social Cost

The cost to society as a whole due to an activity, including both direct costs incurred and indirect effects (such as environmental damage or health impacts).

Marginal Cost

Marginal Cost is the additional cost incurred from producing one more unit of a good or service, an important concept in economics for decision-making regarding production levels.

Deadweight Loss

describes a loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is distorted by external factors like taxes or subsidies.