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You and a coworker are enjoying dinner with an old college friend. When the discussion turns to the work you do as PR professionals, she says, "You're the guys who mostly write press releases, publicize things, and work with media, right?" Your friend's perception of public relations reflects ______.
Economic Incentive
A benefit or penalty that motivates economic behavior or decisions among individuals or organizations.
Price-Taker Market
A market condition where individual buyers or sellers have no power to influence the price of goods and services, typically due to high competition and standardized products.
Economic Profits
The difference between a firm's total revenues and its total opportunity costs.
Barriers to Entry
Economic, procedural, regulatory, or technological factors that obstruct or limit the possibility of new competitors entering an industry.
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