3M Uses Which Strategy for Attracting Customers

question 70

Multiple Choice

3M uses which strategy for attracting customers?

• A) quality
• B) low-cost
• C) dependability
• D) flexibility
• E) consistency

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Definitions:

Marginal Revenue

The additional revenue that is gained by selling one more unit of a product.

Deadweight Losses

Economic inefficiencies that occur when market equilibrium is disrupted, leading to a loss of economic welfare.

Lowest ATC

The point where a firm achieves the lowest average total cost of production, optimizing operational efficiency.

Purely Competitive

Refers to a market structure where many small firms sell identical products, entry and exit are easy, and no single seller can influence the market price.