821. The allocation of resources is not efficient if ?
A. the marginal cost of production does not equal society’s marginal benefit
B. the distribution is inequitable
C. economic growth is low
D. unemployment is high

822. If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a ?
A. Private good
B. merit good
C. public good
D. abundant good

823. The social costs of monopoly power arises because ?
A. marginal cost is set equal to marginal revenue
B. price is less than marginal cost
C. marginal consumer benefit is less than marginal revenue
D. there is too little output at too high a cost

824. If two firms doing the same thing in the same industry join together, this is known as a ?
A. vertical merger
B. horizontal merger
C. conglomerate merger
D. hostile takeover

825. Sellers that handle their own exports are engaged in ?
A. direct exporting
B. indirect exporting
C. licensing
D. contract manufacturing

826. ______ includes practices such as overstating the product’s features or performance luring the customer to the store for a bargain that is out of stock, or running rigged contests ?
A. Deceptive promotion
B. Deceptive packaging
C. Deceptive pricing
D. Deceptive cost structure

827. The typical method of retail operation used by supermarkets and catalog showrooms is called ?
A. self-service retailing
B. limited-service retailing
C. full-service retailing
D. service merchandiser

828. The total number of item that the company carries within its product lines refers to the ________ of the product mix?
A. width
B. depth
C. length
D. consistency

829. The use of price points for reference to different levels of quality for a company’s related products is typical of which product mix pricing strategy ?
A. Optional-product pricing
B. Captive-product pricing
C. By-product pricing
D. Product line pricing

830. Using a successful brand name to introduce additional items in a given product category under the same brand same (such as new flavors, forms, colors, added ingredients or package seizes) is called a(n)?
A. line extension
B. brand extension
C. multibranding
D. new brands


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