The Practice of an Existing Firm Replacing One or More

question 74

Multiple Choice

The practice of an existing firm replacing one or more of its supplier markets with its own hierarchical structure for creating the supplied product is called ____.

• A)marketing process
• B)market integration
• C)vertical integration
• D)horizontal integration

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with elasticity greater indicating a more sensitive change.

Availability of Substitutes

A measure of the presence and desirability of alternative products or services that consumers can choose over the current one.

Price-elastic

Descriptive of a product or service for which demand significantly increases or decreases as the price changes.

Health Care

The organized provision of medical services to individuals or communities to maintain or improve their health.