When a Business Attempts to Provide Its Customers with the Product

question 33

Multiple Choice

When a business attempts to provide its customers with the product or service that the customer wants rather than simply trying to sell goods and services, the business is applying ______.

• A) the production concept
• B) the marketing concept
• C) a focus on quality
• D) a focus on innovation

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Definitions:

Perfectly Elastic

Describes a situation in economics where a small change in price leads to an infinite change in quantity demanded or supplied.

Price Elasticity of Demand

A measure that calculates the change in the quantity demanded of a good in response to a change in its price.

Running Shoes

Footwear specifically designed to support and enhance the performance of runners, offering various features dedicated to different running styles and surfaces.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price, over a specific period.