Use the Following to Answer Question(s): Measuring Consumer Surplus

question 72

Multiple Choice

Use the following to answer question(s) : Measuring Consumer Surplus

-(Exhibit: Measuring Consumer Surplus) If pizzas were free, your consumer surplus would be:

• A) $100.
• B) $50.
• C) $10.
• D) $1.

Understand the basic principles and methodologies of brainstorming for generating new ideas.

Comprehend the stages of creative problem solving and the activities associated with each stage.

Recognize the concept and execution of the PDCA (Plan-Do-Check-Act) cycle.

Identify techniques that facilitate equal participation and reduce hierarchical barriers in problem-solving within groups.

---

Definitions:

Exchange Process

The exchange process is the act of giving one thing and receiving another in return, often seen in transactions, trade, or communication.

Perceived Needs

The needs that customers believe they require, which may not necessarily align with their actual needs or wants. These can be influenced by marketing, societal pressures, or personal beliefs.

Marketing Concept

A business philosophy focusing on identifying and meeting the needs and wants of customers through the development, promotion, and sale of products or services.

Customer Orientation

A business strategy that focuses on creating a positive experience for customers by understanding and meeting their needs.