. a Global Product or Service Is

question 37

Multiple Choice

. A global product or service is

• A)Adapted for each country's unique needs.
• B)A similar product or service for all customers throughout the world.
• C)A product or service that requires bilingual customers.
• D)Products developed for use outside the country.

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Definitions:

Coase Theorem

A legal and economic theory stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

Transaction Costs

The expenses incurred when buying or selling a good or service, which can include search, bargaining, and enforcement costs.

Marginal Social Benefit

The additional benefit to society resulting from one more unit of a good or service being produced and consumed.

Marginal Social Cost

The total cost society bears for the production of an additional unit of a good or service, including both external and private costs.