For a Market to Work Efficiently

question 25

Multiple Choice

For a market to work efficiently

• A) the external costs must be paid.
• B) all external costs must be eliminated.
• C) all internal costs must be eliminated.
• D) the social costs must be equal to the internal costs.
• E) all pollution must be eliminated.

---

Definitions:

Niche Category

A specialized segment of the market for a particular kind of product or service.

Hybrid Strategy

A competitive business strategy that combines elements of cost leadership and differentiation strategies, aiming to provide high value at a lower cost.

Customer Focus

A business orientation that prioritizes the needs and requirements of customers in product development and service delivery.

Cost Leadership

A strategy where a company aims to become the lowest cost producer in the industry to gain competitive advantage.