The Process of Communicating with a Potential Buyer (Or Buyers)

question 39

Multiple Choice

The process of communicating with a potential buyer (or buyers) face-to-face with the purpose of selling a product or service is known as:

• A) personal selling.
• B) reputation management.
• C) sales promotion.
• D) banner advertising.
• E) direct selling.

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Definitions:

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach its equilibrium.

Quotas

Limits set by government on the quantity of goods that can be imported or produced, intended to protect domestic industries.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.

Market Intervention

Actions taken by a government or other authority to affect the market, often to correct market failures or achieve certain policy objectives.