Strong Customer Relations Is Usually an Indicator

question 2

Multiple Choice

Strong customer relations is usually an indicator:

• A) of low pricing.
• B) of a market with few competitors.
• C) of good management and employees.
• D) of a high-demand product or service.

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Definitions:

Perfectly Competitive

An economic model where numerous buyers and sellers exist, there's unrestricted entry and exit, and the product offered is uniform.

Market Price

The present cost at which a product or service is available for purchase or sale in the marketplace.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period.