Which of the Following Is the Best Example of a Business

question 88

Multiple Choice

Which of the following is the best example of a business firm operating in a competitive price-taker market?

• A) a Midwest farmer producing beef cattle
• B) a Laundromat located a few blocks from a major university
• C) a pizza parlor located in a major metropolitan area
• D) a small brewery supplying a local brand of beer
• E) Wal-Mart, a large retailer that competes in many markets

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Definitions:

Existing Offerings

Pertains to the range of products or services that a company already has available for sale to customers.

Feature Bloat

The excessive addition of features in a product, which can complicate its use and reduce its appeal.

Product Functions

Refer to the specific capabilities or purposes a product is designed to perform, often determining its value and appeal to customers.

Consumer

An individual who purchases goods or services for personal use, not for manufacture or resale.