Which of the Following Statements Is Most Consistent with the Marketing

question 33

Multiple Choice

Which of the following statements is most consistent with the marketing concept?

• A) Consumers care more about price than about quality. The goal of business is to market to as many customers as possible.
• B) Controlling the market for natural resources can give a firm a huge competitive advantage.
• C) All aspects of a business organization should focus on the needs of the customer.
• D) The primary purpose of a business is to dominate its market.

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Definitions:

Δq/ΔL

The change in quantity produced per unit change in labor, often related to the marginal product of labor.

Marginal Product

The additional output generated by employing one more unit of a particular input, holding other inputs constant.

Average Product

The amount of output produced on average by each unit of a variable input, such as labor, in the production process.

Marginal Product

is the additional output resulting from a one-unit increase in the quantity of one input while holding other inputs constant, illustrating the concept of diminishing returns.