A Local Symphony Group That Has Adopted the Marketing Concept

question 191

Multiple Choice

A local symphony group that has adopted the marketing concept would be most likely to

• A) lower ticket prices until all its concerts sell out.
• B) advertise so consumers know about the quality of the musicians who play in its concerts.
• C) find out what kind of music local residents want to hear.
• D) use only its best musicians to handle solo performances.

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Definitions:

Final Goods

Products that are purchased for consumption by the end user and are not intended to be resold or used in the production of other goods.

Marginal Tax Rates

The rate at which the last dollar of income is taxed, illustrating the percentage of tax applied to your income for each tax bracket in which you qualify.

Supply-Side Economists

Economists who believe that reducing barriers to production and encouraging the supply of goods and services is the most effective way to stimulate economic growth.

Incentives

Rewards or penalties intended to motivate specific behaviors or actions among individuals or entities.