Members of the Marketing Channel Add Value When They Move

question 143

Multiple Choice

Members of the marketing channel add value when they move goods from producers and suppliers to consumers by overcoming ________,________ and ________ gaps that arise when separate suppliers are unable to coordinate supply and demand.

• A)time;place;possession
• B)time;substance;style
• C)form;economic;service
• D)market;competitive;strategic
• E)access;convenience;service

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Definitions:

Equilibrium

A state in which market supply and demand are balanced, resulting in stable prices.

Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity can influence prices significantly.