Providing Information to Customers and Suppliers, Including Competitive Conditions and Trends

question 40

Multiple Choice

Providing information to customers and suppliers, including competitive conditions and trends belongs to which category of facilitating function?

• A) Financing and grading.
• B) Marketing information and research.
• C) Assorting
• D) Risk taking.

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Definitions:

Efficient

Refers to a level of performance that uses the least amount of inputs to achieve the highest amount of output.

Utility Possibilities Frontier

A curve that shows the maximum feasible amount of two goods that can be produced with available resources and technology, indicating the trade-offs and efficiency in production.

Utility

In economics, utility refers to the satisfaction or pleasure derived by consumers from consuming goods or services.

Efficient

An attribute of a market or process where resources are allocated in the most effective way, yielding the maximum benefit for a given set of resources.