A Top Salesperson "Just Knows How to Sell" but Has

question 46

Multiple Choice

A top salesperson "just knows how to sell" but has a difficult time communicating how she does it.Her ability to sell is an example of _____.

• A) tacit knowledge
• B) explicit knowledge
• C) absorptive capacity
• D) working capacity
• E) stored capacity

Understand the implication of limited resources on market supply and firm profitability.

Grasp the long-run adjustments of firms to changes in demand, supply, and cost conditions.

Understand the concept of market equilibrium and how it is represented graphically.

Recognize the factors that can lead to shifts in market demand and supply.

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Definitions:

Productivity

The measure of the efficiency of production, often quantified as the ratio of output to input in the production process.

Productivity

Productivity measures the efficiency of production, often quantified as the ratio of output to inputs in the production process across a specific period.

Output

The quantity of goods or services produced in a given time period by a company, industry, or country.

Input

Essential elements or factors that are put into a system or process to achieve an output or result, similar to resources used in production.