When Economic Profits Exist in the Market for a Particular

question 101

Multiple Choice

When economic profits exist in the market for a particular product,this is a signal to producers that

• A)Consumers would like more scarce resources devoted to the production of this product.
• B)The market is oversupplied with this product.
• C)The best mix of goods and services is being produced with society's scarce resources.

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Definitions:

Customers Want

The desires or needs that consumers express, which can influence their buying behavior and decisions.

Purchase

The act of acquiring goods or services in exchange for money.

Available

Readily accessible or obtainable.

Relationship Era

refers to a period in marketing history focusing on building long-term relationships with customers rather than just engaging in single transactions.