Explain Four Significant Benefits a Company Can Enjoy by Ensuring

question 29

Essay

Explain four significant benefits a company can enjoy by ensuring its customers are delighted.

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Definitions:

Perfectly Competitive

A market structure where many firms sell identical products, there are no barriers to entry or exit, and no single buyer or seller can influence the market price.

Long-Run Cost

The expenses a firm incurs over a period where all inputs are variable, thus considering the scalability and technology change effects on production costs.

Constant-Cost Industry

An industry in which the cost of production does not change significantly with either an increase or decrease in output levels.

Constant-cost Industry

An industry in which the input prices do not change as the industry's output changes.