The Extent to Which a Small Business Is Taken for Granted,accepted,or

question 84

Multiple Choice

The extent to which a small business is taken for granted,accepted,or treated as viable by organizations or people outside the small business is referred to as _____.

• A) narrowcasting
• B) external legitimacy
• C) test marketing
• D) internal understanding

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Definitions:

Pure Monopolist

A market scenario where a single seller controls the entire supply of a product or service, with no close substitutes available to consumers.

Productively Efficient

This refers to a situation where a firm produces goods at the lowest possible cost.

Allocatively Inefficient

A situation where resources are not allocated to produce the mix of goods and services that most benefits society or meets consumer preferences.

Allocatively Efficient

An allocation status of resources where enhancing the welfare of one party means diminishing that of another.