Economies of Scale

question 163

Multiple Choice

Economies of scale

• A) only occur in the short run.
• B) lead to lower average costs in the long run.
• C) are possible only for large corporations.
• D) suggest that the firm is producing too much of a good.

Recognize the importance and methods of adapting marketing efforts to specific segments.

Explore the utility and application of perceptual maps and self-values maps in understanding consumer behavior.

Understand the concept and application of market segmentation.

Distinguish between different types of segmentation: demographic, psychographic, geographic, geodemographic, and behavioural.

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Definitions:

Express Condition

A clearly stated stipulation in a contract that specifies an event or action that must occur for the contract to be fulfilled.

Payment

The transfer of money, goods, or services in exchange for a product, service, or obligation.

Negotiable

The term negotiable refers to a legal document, such as a check or bill of exchange, that signifies a promise to pay a specific amount of money and is transferable from one person to another.

Negotiable

A characteristic of documents or instruments that allows them to be transferred or endorsed from one party to another, altering ownership.