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In Considering the Decision to Customize or Standardize Its Products

question 4

Multiple Choice

In considering the decision to customize or standardize its products the global marketing firm must consider the nature of the product. Some products such as steel, fertilizer and agricultural equipment tend to be less _________________ than products such as food.


Definitions:

Quantity Supplied

The total amount of a particular good or service that producers are willing and able to sell at a given price over a specific time period.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change in response to a change in price; represented graphically as a completely vertical demand curve.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at various prices.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

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