In the Context of the External Audiences of Today's Businesses

question 55

Multiple Choice

In the context of the external audiences of today's businesses, suppliers, contractors, distributors, shippers, and contract workers are referred to as:

• A) regulatory agents.
• B) public groups.
• C) industry partners.
• D) core business partners.
• E) community groups.

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Definitions:

Consumer Surplus

The contrast between what consumers intend to spend on a good or service and the actual amount they part with.

Producer Surplus

The difference between how much producers are willing to accept for a good versus how much they actually receive.

Price Support

Price set by government above free-market level and maintained by governmental purchases of excess supply.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual higher market price they receive.