A Business Is Concerned with Many Day-To-Day Activities

question 72

Multiple Choice

A business is concerned with many day-to-day activities.Some of the most important of these activities are the planning and development of a product,its ability to communicate value,its pricing policy,and the distribution strategy.These activities are all a part of:

• A) a control system
• B) marketing
• C) accounting
• D) production
• E) human resources

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Definitions:

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price point.

Deadweight Loss

Deadweight loss refers to the inefficiency caused in the market when the allocation of resources is not optimal, often resulting from tariffs, taxes, or other restrictions.

Price Floor

A price floor is a government-imposed minimum price charged for a product, aimed at preventing prices from dropping too low.

Binding Price Floors

Government-imposed price minimums that are set above the equilibrium price, causing surpluses in the market.