Use the Following to Answer Question

question 75

Multiple Choice

Use the following to answer question:
Figure: The Market for Gas Stations
-(Figure: The Market for Gas Stations) Use Figure: The Market for Gas Stations.The figure shows curves facing a typical gas station in a large town.The market is characterized by many firms,differentiated products,easy entry,and easy exit.If the gas station here is typical,then in the long run,we would expect to observe:

• A)a few gas stations leaving the market.
• B)new gas stations entering the market.
• C)neither entry nor exit.
• D)many gas stations leaving the market.

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Definitions:

Market Orientation

A business approach centered around understanding and meeting the needs and wants of customers.

Managerial Philosophies

Sets of beliefs and principles that guide the decision-making and leadership styles of managers.

Corporate Priorities

Corporate priorities are the strategic objectives and goals that a company sets to guide its operations, decision-making, and resource allocation.

Production Focus

A strategy that emphasizes efficient production processes and operations to minimize costs and optimize productivity and output.