In the Long Run, in a Price-Taker Market, the Price

question 126

Multiple Choice

In the long run, in a price-taker market, the price of a good is determined primarily by the

• A) average total cost of producing it.
• B) decision of buyers in determining how much they are willing to pay for the good.
• C) elasticity of supply.
• D) number of firms in the industry.

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Definitions:

Integrated Marketing

A strategy that combines all aspects of marketing communication like advertising, sales promotion, and public relations to provide a consistent message across all audiences.

Promotional Message

A communication intended to persuade or inform potential customers about a product, service, or brand.

Customer Needs

The desires or requirements that customers expect from products or services to solve problems or achieve goals.

Promotions

Marketing activities that aim to increase visibility, sales, or the launch of new products through various strategies and media.