Define the Following Terms: Triumvirate

question 38

Short Answer

Define the following terms: Triumvirate

---

Definitions:

Market Will Bear

Refers to the maximum price that consumers are willing to pay for a product or service in the market.

Perceived Value

The value that a customer believes a product or service has, which may not necessarily reflect its actual price or inherent value.

Tangible Costs

Explicit expenses or outlays that are easily quantifiable and often involve monetary transactions, such as equipment purchases, rent, and salaries.

Intangible Costs

Expenses or costs that are not easily quantifiable, including things like brand value, intellectual property, or goodwill.