Electronica Inc. is a mobile phone retailer who sells smartphones to high school students at easily affordable prices. The company has one marketing strategy for the entire market of high school students and focuses all its efforts on this one segment. In this scenario, Electronica Inc. is most likely using the _____ for marketing its smartphones.
a. total-market approach
b. mass market approach
c. concentration approach
d. multi-segment approach
e. differentiated approach
Ans: c. concentration approach
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The short run is
A) usually 3 - 6 months. B) dependent on the characteristics of the industry. C) when a firm has to decide whether or not to exit. D) identical to the long run for most firms.
The marginal physical product of labor increases when more laborers are added to production, although it eventually falls as laborers are continually added. The explanation for the initial increase is the
a. low wage rates at the beginning of production b. more skilled labor at the beginning of production c. marginal revenue product is less than the marginal physical product d. marginal revenue product decreases at every production level e. gains from the division of labor and specialization
The minimum point of the average total cost curve always occurs at a larger output level than the minimum point of the average variable cost curve because:
A. marginal cost is rising. B. average fixed costs are falling. C. marginal cost is falling. D. average fixed costs are rising.
Which of the following is not true about a monopsonist?
A. It can set the wage rate and hire any desired number of workers at that wage. B. It is the only buyer of labor in a market. C. It usually extracts rents from its monopsony power. D. It determines the optimal employment-wage rate combination by equating the marginal revenue product of labor to the marginal cost of labor.