Ch.4 Answers.docx - Ch 4 ANSWERS Question 1 Inventions are...

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Ch. 4 ANSWERS Question 1: Inventions are things that are new. In contrast ________ are defined as things that are both new and useful. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Innovations Correct Answer(s): Innovations (correct) Advances Break-through products Revolutionary products None of the above Question 2: Industries producing consumer durable goods (e.g. clothing and footware), nondurable goods (e.g. breakfast cereals, snack foods, toothpaste), and services (e.g. restaurants, health clubs, and destination resorts) are typically characterized by which form of competitive interaction? Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Monopolistic competition Correct Answer(s): Monopoly Oligopoly Monopolistic competition (correct) Perfect competition Imperfect competition Question 3: The Sherman Antitrust Act prohibits the formation of monopolies and other actions that restrict trade.
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Type: True or False Points Awarded: 1/1 Your Answer(s): True Correct Answer(s): TRUE (correct) FALSE Question 4: Lenovo, HP, Dell, Acer Group, and Apple dominate 70% of the world market for personal computers). Smaller competitors survive by focusing on providing unique products / services that meet the needs of select sub-segments in these industries. This type of competitive interaction illustrates imperfect competition. Type: True or False Points Awarded: 1/1 Your Answer(s): False Correct Answer(s): TRUE FALSE (correct) Question 5: Attitudes about the roles of men and women in the workplace are converging, reflecting a fundamental shift in the ________________ environment. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Cultural Correct Answer(s): Technological Competitive Cultural (correct) Economic
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Political Question 6: An environmental trend that moves in ways to support the best interests of a firm is called a(n) __________. Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Environmental opportunity Correct Answer(s): Growth opportunity Environmental opportunity (correct) Environmental threat Marketing information system Environmental threat Question 7: Agricultural markets are characterized by many small producers of products that amount to commodities for which one source of supply is generally undifferentiated from any other (i.e. the output of one producer is no different than that of any other producer of the same product). Such markets are characterized by which form of competition? Type: Multiple Choice Points Awarded: 1/1 Your Answer(s): Perfect competition Correct Answer(s): Monopoly Oligopoly Monopolistic competition Perfect competition (correct) Imperfect competition Question 8:
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The Robinson-Patman Act allows the FTC to restrict the use of certain discounts and allowances unless they are offered on a proportionate basis to competing buyers.
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