We assume the parties to a transaction are rational

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18. We assume the parties to a transaction are rational.  This implies that buyers… B a. search all alternatives  b.  chose from among a constrained set of  alternatives    c. choose the lowest cost alternative d.  choose the highest cost alternative they can afford 19. American Eagle and Abercrombie & Fitch each market apparel using… B 20. A “knock-off” is… D 2. High levels of brand loyalty… C 21. First movers use… C a. family branding b.  individual branding c. both of the above d.  none of the above 2. Early adopters… C a. tend to reduce the risk associated with being a first mover c. may be a source of new product ideas d. both of the above d.  none of the above 2
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22. First mover price penetration provides incentives for second movers to enter the market using a price  strategy.  (Price penetration is from ch 5 – it isn’t on the quiz) 23. Goods scarcity is most likely to be observed during the _______ phase of the life cycle.   B 24. Rapid increase in demand during the growth period increases the likelihood that a price reduction can  lead to revenue enhancement. (Price penetration is from ch 5 – it isn’t on the quiz) 25. The trigger for the entry of slow second movers is typically…   A a. market characteristics become well understood b. capacity shortages disappear c. both of the above d.  none of the above 26. As the product enters into its mature phase… (Price penetration is from ch 5 – it isn’t on the quiz) 3
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