In the Context of Marketing, Which of the Following Is

question 68

Multiple Choice

In the context of marketing, which of the following is the best example of selling?

• A) An app designer making her services available to clients
• B) A food truck owner acquiring hamburger and lunch meat for his sandwiches
• C) A custom furniture maker purchasing an old oak tree to make a dining table
• D) A bakery owner hiring a marketing firm to promote her new cupcakes

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Definitions:

Short Run

A time period in economics where at least one input is fixed, restricting the ability to adjust production levels fully.

Long Run

A timeframe during which all production factors and expenses can change, permitting adjustments to all inputs.

Allocative Efficiency

A state of the economy in which production is in accordance with consumer preferences; every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.

Consumer Surplus

The difference in the amount consumers are prepared and have the means to pay for a service or good compared to the amount they actually do pay.