When Margot Called the Toll-Free Number to Order One Dozen

question 181

Multiple Choice

When Margot called the toll-free number to order one dozen water lilies from Van Ness Water Gardens, the firm was using

• A) interactive marketing.
• B) multichannel selling.
• C) inbound telemarketing.
• D) outbound telemarketing.
• E) social networking.

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Definitions:

Quantity

The amount or number of a material or immaterial good considered as a unit or in total.

Long-Run Cost Diagram

A graphical representation that shows how the costs incurred by a firm change over time with varying levels of output when all inputs are variable.

Average Cost

The expense per unit, resulting from dividing the aggregate cost of production by the total units produced.

X-Inefficiency

X-Inefficiency occurs when a firm's output is not produced with the minimum possible resources due to factors like organizational slack, lack of competitive pressure, or managerial inefficiency.