Which of the Following Are Major Macroeconomic Forces That Affect

question 120

Multiple Choice

Which of the following are major macroeconomic forces that affect marketing decisions?

• A)Economic, physical and technological
• B)Economic, competitors and social
• C)Social, legal and distributors
• D)Social, competitors and legal

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Definitions:

Production Function

A mathematical expression that describes the relationship between input factors and the output of goods or services.

Returns To Scale

The change in output of a production process as all inputs are increased proportionally.

Marginal Product

The additional output that is produced by using one more unit of a particular input, holding the levels of all other inputs constant.

Production Function

An economic model that describes the relationship between input resources and the output of goods or services for a business or economy.