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Manufacturers of B2B products typically spend more on personal selling than on advertising.
Demand Curve
A line on a graph that illustrates the quantity of a product that consumers are willing and able to purchase at various price points.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from its use, and one individual's use does not reduce availability to others.
Asymmetric Information
A situation where one party to a market transaction has much more information about a product or service than the other. The result may be an under- or overallocation of resources.
Inefficient Outcomes
Situations where resources are not allocated optimally, resulting in potential losses in economic welfare.
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