Legally, an Affirmative Action Program Is Required When

question 1

Multiple Choice

Legally, an affirmative action program is required when

• A)a firm has 25 or more employees.
• B)a firm wants to expand its workforce.
• C)a firm's union-management contract is being negotiated.
• D)a firm has a federal contract exceeding $50,000.

Recognize the significance of logistical functions in distribution channels.

Comprehend the role of transactional functions performed by intermediaries.

Understand the facilitating functions within the distribution process.

Identify the types of intermediaries and their roles within marketing channels.

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Definitions:

Efficient

Efficiency refers to the optimal production and distribution of resources in a way that best meets the needs and desires of consumers.

Scarce Resources

Natural, human, and capital resources that are limited in supply and can be used for the production of goods and services.

Bowed Outward

Refers to the shape of a production possibility frontier that indicates increasing opportunity costs for producing two goods.

Opportunity Cost

The cost of foregone alternatives; the value of the best alternative given up when a decision is made to choose one option over another.