Given the American Economy's Basic Objective of Meeting Consumers' Needs

question 134

Multiple Choice

Given the American economy's basic objective of meeting consumers' needs as they-the consumers-see them,it is sensible to evaluate our macro-marketing system in terms of

• A)the level of consumer satisfaction.
• B)how efficiently our resources are used.
• C)the value of the inputs to the system.
• D)our standard of living,as measured by GNI.
• E)total business profits.

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Definitions:

Long-run Profit

The amount of financial gain achieved over a longer period, taking into account all fixed and variable costs.

Market Demand Curve

Curve relating the quantity of a good that all consumers in a market will buy to its price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at various prices.

Incumbent Firm

An established company that holds a dominant position in a particular market or industry.