1. A company claims that its products are better quality than other similar products. What type of competition is this?
A) Price
B) Nonprice***
C) Supply
D) Demand
2. Every tangible product is made up of what?
A) Wealth
B) Entrepreneurship
C) Labor
D) Land***
My answers are:
1. B and 2. D.
Could anyone check and make sure I'm correct? Thank you!
1 yes
2 no
For question 1, you're correct! The type of competition where a company claims that its products are of better quality than other similar products is considered nonprice competition. This type of competition focuses on qualities such as product features, reliability, and customer service, rather than price alone.
For question 2, I'm sorry, but your answer is not correct. Every tangible product is made up of more than just land. The correct answer is C) Labor. Labor refers to the human effort, skills, and time involved in the production of goods or services. Land, on the other hand, refers to the natural resources used in the production process, such as raw materials, geographic location, and physical infrastructure.