Answer the Question Using the Following Data, Which Show All

question 212

Multiple Choice

Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would

• A) not be adopted because, although it reduces production costs, it does not increase profit.
• B) be adopted because it would lower production costs and increase economic profit.
• C) not be adopted because it entails higher production costs than other available techniques.
• D) be adopted, even though economic profits would be reduced slightly.

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Definitions:

Sales Situation

A scenario or environment in which a sales transaction or conversation occurs, often involving interactions between a seller and a potential buyer.

Telephone

A telecommunications device designed to transmit and receive sound, most commonly voice, across distances.

Interview

A formal conversation between two or more people where questions are asked by the interviewer(s) to obtain information from the interviewee(s).

Sales Message

A communication or presentation by a marketer aimed at informing or persuading potential customers about a product or service.