Shelly, the Manager of a Large Grocery Store, Was Concerned

question 103

Multiple Choice

Shelly, the manager of a large grocery store, was concerned. She had received complaints from several customers who said they had been treated rudely by clerks at the store. In order to determine whether or not her clerks were indeed rude, Shelly hired a team of marketing researchers. The researchers posed as customers shopping in the store, but were actually taking notes and recording the actions of the store clerks.
Later, Shelly reviewed those notes. The research notes Shelly reviewed were a form of ________ data.

• A)secondary
• B)primary
• C)developmental
• D)national

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Definitions:

Price-Taker Markets

Markets where individual firms have no control over the price of their products, due to perfect competition and homogeneous products.

Economic Profits

The difference between a firm's total revenue and all costs, including both explicit and implicit costs, representing the excess over the opportunity cost.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Competitive

Pertaining to a market condition where multiple sellers are vying for the attention and business of buyers, often leading to better quality and prices.