Use the Following to Answer Question

question 124

Multiple Choice

Use the following to answer question:
Figure: Model of a Competitive Market
-(Figure: Model of a Competitive Market) Use Figure: Model of a Competitive Market.Given the figure,if there are no external benefits or costs,the output at Q will be:

• A)larger than is socially desirable.
• B)smaller than is socially desirable.
• C)efficient.
• D)inefficient.

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Definitions:

Advantages And Disadvantages

Pros and cons; beneficial aspects versus potential drawbacks in any situation or decision-making process.

Augmented Product

A core product enhanced with additional features, services, or benefits that exceed customer expectations and differentiate it from competitors.

Logistics Customer Service

Part of the supply chain management that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer's requirements.

Marketing Perspective

An approach to business focusing on understanding and satisfying the needs and wants of customers through market research and strategic promotion.