What Is Meant by the Term Socially Optimum Price

question 170

Multiple Choice

What is meant by the term socially optimum price?

• A)The price which ensures that the firm is able to make normal profits only.
• B)The price which ensures that the firm is able to make economic profits only.
• C)The price which ensures that the output will be produced at the lowest possible cost.
• D)The price which ensures the best allocation of products.
• E)A price equal to average cost.

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Definitions:

Sales Calls

Phone calls or in-person visits made by salespeople to pitch products or services to potential customers.

Top Salespeople

Top salespeople are individuals who consistently achieve high sales figures, demonstrating exceptional selling skills and customer relationship management.

Professional Buyers

Individuals or entities trained and experienced in purchasing goods and services for organizations or businesses.

Firm's Product Line

The range of products or services offered by a company, encompassing various goods within the same category.