In a December 2007 New York Times Column Paul Krugman

question 10

Multiple Choice

In a December 2007 New York Times column Paul Krugman argued in favor of

• A)protectionism based on the national-security argument.
• B)protectionism based on the infant-industry argument.
• C)protectionism based on the unfair-competition argument.
• D)keeping world markets relatively open.

Comprehend how consumer income levels affect buying power and demand.

Identify the characteristics of different competitive markets and how they influence pricing and demand.

Understand the role of demand curves in visualizing price and quantity relationships.

Appreciate how legal and ethical considerations impact price setting.

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Definitions:

Customer Objections

Concerns or reasons potential buyers offer to avoid making a purchase decision, which need to be understood and addressed by sales personnel.

Personal-Selling Process

A series of stages a salesperson goes through to persuade a customer to make a purchase, including prospecting and follow-up.

Benefits

In the FAB sales approach, individual values attached to the advantages offered by various product features.

Delivery Salespeople

Sales representatives whose chief role is product delivery; sometimes called route salespeople.