Shortly After World War II,Sam Jackson Developed an Idea for a Biodegradable

question 279

Multiple Choice

Shortly after World War II,Sam Jackson developed an idea for a biodegradable lubricant that was superior to anything currently on the market.He was excited about his new idea and persuaded a number of his friends to help produce samples.While demand kept up with production at first,he soon found that he had to hire a sales force to sell excess product to manufacturing companies in the area.He decided this was primarily because his company had several strong competitors that had recently come into the industry.This is an example of marketing behavior that would occur during the __________ era of U.S.business history.

• A)marketing concept
• B)production
• C)goods
• D)sales
• E)societal marketing concept

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Definitions:

Physical Capital

Physical capital encompasses the machinery, equipment, and infrastructure a business uses to produce goods or services, distinct from financial capital or human skills.

Average Total Cost

The total cost of production divided by the number of goods produced, accounting for both fixed and variable costs.

Output

The total amount of goods or services produced by a firm, industry, or economy within a specific period.

Fixed Cost

A cost that does not change with the level of output or production, such as rent or salaries.