The Sales Force of Conway Pools Has Identified a Number

question 56

Multiple Choice

The sales force of Conway Pools has identified a number of prospects. Which of the following will most likely occur next?

• A) The outside sales force will call on all prospects.
• B) The outside sales force will close the deal with one of the prospects.
• C) The outside sales force will learn as much as possible about the prospects.
• D) The inside sales force will attend meetings with qualified prospects.
• E) The inside sales force will put together a presentation for the prospects.

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Definitions:

Implicit Costs

Implicit costs are the opportunity costs of using resources owned by the business for production instead of lending, selling, or renting them out.

Accounting Profits

The net income for a company determined by subtracting total expenses from total revenues, according to generally accepted accounting principles (GAAP).

Short Run

A period of time during which at least one factor of production is fixed, usually considered in economic models and analyses.

Long Run

A period of time in economics sufficiently long to allow for all inputs to production, such as plant and equipment, to be varied (as opposed to just the amount of labor or raw materials).