Julio Is a University Student Who Spent Last Summer Volunteering

question 32

Multiple Choice

Julio is a university student who spent last summer volunteering at a shelter for homeless youth. He is preparing a speech about homelessness for one of his classes, during which he plans to use some of his own observations to illustrate and support his points. In doing so, Julio is using

• A) experimental results.
• B) personal experience.
• C) expert testimony.
• D) a secondary source.

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Definitions:

Raise Price

The act of increasing the cost at which a good or service is sold, which can affect demand, revenue, and profit margins.

Lose Sales

The phenomenon of experiencing a reduction in the number of units sold or in total revenue.

Competitive Price-searcher

A market condition where businesses actively seek to determine the optimal pricing of their goods or services relative to their competitors to gain market share.

Entry Barriers

Obstacles that make it difficult for new competitors to enter a market.