Inspecting,testing,or Judging Products and Assigning Them Quality Grades Is an Example

question 167

Multiple Choice

Inspecting,testing,or judging products and assigning them quality grades is an example of a ________ function.

• A)transactional
• B)logistical
• C)storing
• D)facilitating
• E)risk-taking

---

Definitions:

Price Takers

Describes individuals or companies that accept the market price as given, without having the influence to alter the price of the good or service they are selling or buying.

Advertising

A marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service, or idea.

Marginal Revenue

The rise in income generated by the sale of an extra unit of a product or service.

Total Revenue

The total income generated by a firm from selling its goods or services before any costs or expenses are deducted.