The Basic Objective of the U

question 170

Multiple Choice

The basic objective of the U.S. market-directed economic system is to:

• A) ensure the survival of business firms.
• B) find a reasonable balance between consumer satisfaction and business profits.
• C) reduce the cost of marketing activities.
• D) satisfy consumer needs as the consumers themselves see them.
• E) satisfy consumer needs as seen by marketing managers.

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Definitions:

Express Contracts

Contracts in which the terms and conditions are explicitly stated, either orally or in writing, between the parties involved.

Executory

In legal contexts, referring to contracts or obligations that are yet to be fully performed or completed by one or more parties.

Implied-In-Law

A term or condition not expressly stated but assumed to exist due to the nature of the transaction or the parties’ relationship, as recognized by law.

Restatement of the Law

A set of treatises on legal subjects that seek to inform judges and lawyers about general principles of common law.