The Cost of Attracting New Customers Is Thought to Be

question 58

Multiple Choice

The cost of attracting new customers is thought to be ________ than the cost of retaining existing customers.

• A)two times higher
• B)five times higher
• C)ten times higher
• D)twenty times higher
• E)twenty-five times higher

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Definitions:

Command Economic System

In this type of economic structure, a central government or authority is responsible for making decisions about how goods and services are produced and distributed.

Goods And Services

Physical products and intangible activities that fulfill the needs or wants of consumers, forming the basis of all economic activity.

Production Possibilities Curve

A graphical representation that shows the different combinations of two goods or services that can be produced within a given resource constraint.

Fully Employed

A situation in which all available labor resources are being used in the most economically efficient way.