What a ________ Is Decisive and Determines What a Business

question 45

Multiple Choice

What a ________ is decisive and determines what a business is,and what the customer buys and considers value is ________.

• A) business thinks it produces; never a product
• B) business thinks it produces; what a product or service does for him or her
• C) customer thinks s/he is buying; always a product
• D) customer thinks s/he is buying; always utility
• E) business thinks a customer wants; never what a product or service does for him or her

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Definitions:

Unionize

The process by which employees come together to form a union in order to collectively bargain for better wages, working conditions, and benefits.

Efficiency Wages

Efficiency wages are above-market wages paid by firms to increase worker productivity.

Equilibrium Level

The state in a market where supply equals demand, resulting in stable prices and quantities where no economic forces are unbalanced.

Efficiency Wages

Wages set above the equilibrium level by employers to increase worker productivity, motivation, and loyalty.