A Market's Boundaries Are Defined By

question 41

Multiple Choice

A market's boundaries are defined by:

• A)The geographies of the markets that are supplied by the incumbents
• B)The type of product which is sold, and the type of customers willing to pay for the product
• C)Substitutability on the demand side and substitutability on the supply side
• D)Substitutability on both the demand side and the supply side, combined with an element of judgment depending on context and purpose

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Definitions:

Productivity

Is an economic measure of efficiency that summarizes and reflects the value of the outputs created by an individual, organization, industry, or economic system relative to the value of the inputs used to create them.

Ethnocentrism

The act of judging another culture solely by the values and standards of one's own culture.

Job Embeddedness

Refers to the fact that some people stay in their jobs, even when they decide they are unhappy and should leave. Other ties in the community or obligations keep the employee in the job.

Continuous Supervision

The management practice of closely monitoring employees' work and performance without significant breaks.