What Is the Third Step of Deciding Who the Potential

question 4

Multiple Choice

What is the third step of deciding who the potential customers are for your business?

• A) Understanding who needs your product or services
• B) Understanding who might actually buy your product or service
• C) Analyzing the buying process that leads customers to your product or service
• D) Understanding customer relationships
• E) Analyzing family values

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Definitions:

Quantity Of Output

The total amount of goods or services produced by a firm or economy within a specific period.

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium is not achieved due to market failures or interventions.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of output varies with the level of production.

Marginal Revenue Curve

A visual representation that shows the additional revenue generated by selling one more unit of a good or service.