If a particular perfectly competitive industry uses only a small fraction of the supply of any of its inputs, the long run supply curve for that industry will tend to be:
a. vertical

Production efficiency requires that

A) the economy be producing on the PPF but the marginal cost of a good does not need to equal its marginal benefit. B) the economy be producing on the PPF and that the marginal cost of a good equals its marginal benefit. C) the marginal cost of a good equals its marginal benefit but the economy does not need to be producing on its PPF. D) the society be producing at the point of allocative efficiency. E) opportunity costs be minimized.

Brand management refers to

A) the efforts to maintain the differentiation of a product over time. B) selling the right to use a brand name in a particular market. C) picking a brand name for a new product that will attract attention. D) efforts to reduce the cost of production.