Paramount Electronics Manufactures Electronic Measuring Tools

question 28

Multiple Choice

Paramount Electronics manufactures electronic measuring tools.The company invents a new type of multi-meter for electronic measurements and introduces the product to its current customers.Which of the following strategies is Paramount employing?

• A)product development
• B)market development
• C)diversification
• D)market penetration
• E)product intensification

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Definitions:

Marginal Revenue Product

The additional revenue generated by employing one more unit of a certain input, keeping other inputs constant.

Collection Agents

Individuals or agencies tasked with pursuing and collecting payments on overdue accounts, loans, or other financial obligations.

Marginal Revenue Product Curve

A curve showing the additional revenue generated by employing one more unit of a resource, assuming all other factors are constant.

Marginal Revenue Product

The increase in revenue resulting from the utilization of one more resource unit.