Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that
A. Trade can make everyone better off
B. People respond to incentives
C. Rational people think at the margin
D. People face tradeoffs and opportunity costs.
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Which of the following is the worst choice when transporting a product such as stones?
A. Truck
B. Train
C. Aircraft
D. Ship
Transportation provides which of the following utilities?
A. Possession utility
B. Place utility
C. Time utility
D. Both A and B
The use of a name, term, symbol, design, or a combination thereof that may or may not be registered is called:
A. a brand name
B. a brand
C. a trademark
D. a copyright
Which of the following is not a market objective?
A. Product objectives
B. Price objectives
Channels of distribution objectives
D. Technical design objectives