Which of the Following Is an Advantage of Picking Customer-Desired

question 17

Multiple Choice

Which of the following is an advantage of picking customer-desired benefits that a business owner's competitors do not offer?

• A) They results in lower pricing.
• B) They help business owners to set realistic goals.
• C) They help a business owner in identifying the magic number.
• D) They make the firm stand out from the competition.

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Definitions:

Quota Limit

A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specified time frame.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price is charged for a product, with the aim of ensuring affordability by limiting how much prices can increase.

Quota Rent

The economic rent received by the holder of a production or import quota, which can be realized by selling the product at a higher price than the world price due to the quota limitation.

Taxi Medallion

A licensure medallion required for a taxi to operate legally in many cities, often representing a significant cost for taxi drivers and companies.