Which of the Following Items Is Typically Not Included in a Concept

question 33

Multiple Choice

Which of the following items is typically not included in a concept statement?

• A) a brief description of the company's management team
• B) a description of how the product or service will be sold and distributed
• C) a description of how much money the new venture needs
• D) the benefits of the product or service
• E) the intended target market

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Definitions:

Consumer Surplus

The gap between the total price consumers are ready and able to pay for a good or service versus what they actually spend.

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service versus what they actually receive, usually resulting from market prices above minimum selling prices.

Deadweight Loss

The loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved, leading to a loss of total welfare or economic surplus.

Price Ceilings

Regulatory measures that set a maximum price that can be charged for a product or service, intended to protect consumers from excessive pricing.