When a Small Business Identifies Themselves and Their Products with Local

question 73

Multiple Choice

When a small business identifies themselves and their products with local groups and events,what aspect of marketing are they pursuing?

• A) Price
• B) Promotion
• C) Product
• D) Public relations
• E) Place

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Definitions:

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a good or service.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Competitive Industry

An industry characterized by many firms producing similar goods or services, where no single firm has a dominant market share.

Market Price

The existing rate at which an asset or service is available for buying or selling in the market.