Table 3-1 -Refer to Table 3-1.What Is the Opportunity Cost of 1

question 112

Multiple Choice

Table 3-1

-Refer to Table 3-1.What is the opportunity cost of 1 kg of potatoes for the farmer?

• A)8 hours of labour
• B)2 hours of labour
• C)4 kg of meat
• D)1/4 kg of meat

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Definitions:

Marketing Mix

The blend of product, price, place, and promotion strategies used by a business to achieve its marketing goals.

Service Marketers

Professionals specializing in marketing services as opposed to tangible products, focusing on strategies that highlight the unique aspects of services such as intangibility, variability, inseparability, and perishability.

Properties

Assets owned by an individual or organization, including real estate, intellectual property, and physical goods.

Purchase Decision

The process that leads a consumer from recognizing a need or desire, to evaluating options, and finally to buying a product or service.