Data Must Be Collected About Three Facets of Each Business

question 52

Multiple Choice

Data must be collected about three facets of each business activity.What are they?

• A)the business activity,the resources it affects,the people who participate
• B)the business activity,the transactions it creates,the impact on the financial statements
• C)the inputs,outputs and processes used
• D)who is involved,what was sold,how much was paid

Comprehend the impact of marginal revenue and marginal cost on monopolist's profit maximization.

Identify the role of government in creating or limiting monopoly power.

Analyze the economic effects of monopoly on income distribution.

Describe the conditions for effective price discrimination in monopoly.

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Definitions:

Marketing Research

Identifying a target market and finding out if a product or service matches customer desires.

Deductive Enterprise

The systematic process of applying deductive reasoning to reach conclusions based on premises.

Attractiveness

The quality of being appealing or pleasing in appearance, which can influence social interactions and perceptions.

Business's Success

The achievement of goals and objectives set by a business, often measured by financial profitability, market share growth, or customer satisfaction.