XYZ Corporation Faces Little Competition for Its Product and Can

question 63

Multiple Choice

XYZ Corporation faces little competition for its product and can barely keep up with demand.The marketing philosophy most likely in place at XYZ is the ____________ philosophy.

• A)production-oriented
• B)sales-oriented
• C)consumer-oriented
• D)efficiency-oriented

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Definitions:

Product Price

The total money demanded to buy a given product or service.

Marginal Product

The extra production achieved through the use of an additional unit of a specific input, while keeping all other inputs unchanged.

Wage Rate

The amount of money that an employee is paid per hour, week, or another unit of time for their labor.

Derived Demand

The demand for a good or service that arises from the demand for another good or service.