Your Boss Has Empowered You to Complete a Research Project

question 131

Multiple Choice

Your boss has empowered you to complete a research project to determine if your company should expand its product line.Your boss only wants to see the final step of the market research process,which is

• A) the primary data.
• B) a report that includes alternative solutions and recommendations.
• C) the study of the current situations.
• D) the secondary data.
• E) a description of the research method you used.

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Definitions:

Diminishing Returns to Scale

A situation where, as more inputs are used, the incremental increase in output decreases.

Economies of Scale

Economies of scale refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.

Constant Returns to Scale

A situation in production where increasing the inputs exactly proportionally results in an equivalent increase in output.

Economies of Scale

The financial benefits gained by businesses as a result of their operation size, wherein the expense for each unit produced typically drops as the scale expands.