A monopolistic competitive market is where:a- many sellers compete on both price and nonprice factors.b- many sellers follow the market price for identical, commodity products.c- one seller sets the price for a unique product.d- the few sellers are insensitive to one another’s prices.e- one or few sellers compete solely on nonprice factors.Several years ago,Newsweekran a pricing experiment that involved setting different newsstand prices for its magazine in different cities and recording the number of units sold. After adjusting for factors like the population of the different cities,Newsweekcould plot these prices and units sold in a graph called a(n):a- sales response curve.b- unit volume curve.c- consumer tastes curve.d- supply curve.Which of the following statements about profit objectives is most accurate?Managers in the United States have long been praised for their insistence on managing for long-run profits.Profit objectives are measured in terms of return on investment or return on assets.Firms that are interested in strategic planning always establish a maximize current profit objective.An organization’s chief marketing officer (CMO) usually establishes a target return on an expense objective.Market share and unit volume are two types of profit objectives.
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