The Demand Curve Facing a Firm

question 36

Multiple Choice

The demand curve facing a firm

• A)indicates the amount of raw materials and other inputs the firm will purchase,at various prices
• B)indicates the amount of the good demanded from that firm by a particular consumer,at various prices
• C)indicates the amount of output that customers will purchase from the firm,at various prices
• D)shows the minimum price at which the firm can sell any given quantity of output
• E)is horizontal in the long run,but upward sloping in the short run

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Definitions:

Product

Any item or service offered to the market for use, consumption, or acquisition to satisfy a need or want.

Curiosity

An eager desire to know or learn about something.

AIDA Approach

A classic marketing model that outlines the customer journey through four stages: Attention, Interest, Desire, and Action.

SPIN Approach

A sales technique that focuses on Situation, Problem, Implication, and Need-payoff to better understand and address customer needs.