Implicit Cost Is a

question 221

Multiple Choice

Implicit cost is a

• A)cost that is incurred when a monetary payment is made.
• B)cost incurred in the past that cannot be changed by current decisions and therefore cannot be recovered.
• C)cost that represents the value of resources used in production for which no monetary payment is made.
• D)sunk cost.
• E)b and d

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Definitions:

Sales Interaction

The dynamic exchange between a salesperson and a potential or existing customer aimed at promoting or selling a product or service.

Need-Satisfaction

A rephrasing of "Need-Satisfaction Sales Presentation." A method where the focus is on understanding and fulfilling the specific needs of the customer.

Problem-Solution

A strategy focusing on identifying a problem and proposing a solution to address it, commonly used in marketing and product development.

Questioning Approach

A sales technique involving asking targeted questions to understand customer needs, preferences, and challenges, facilitating a more tailored sales pitch.