Answer:
B. product
Explanation: the unusual ingredients are part of the product.
Answer:
For Number of firms, the answer is C. Many.
For type of product, the answer is D. Differential.
For Market model, the answer is C. Monopolistic Competition.
Explanation:
From the questions above, we can conclude that the number of firms is Many because it is stated that there are hundreds of colleges and universities that serve millions of college students each year.
For the type of product, in this case service, that each college and university offers, there is service differentiation. This is because each school will offer unique and distinct ways of meeting the students' needs.
There exists monopolistic competition in markets which have several competitors selling similar products and services. The similar products and services are not ideal substitutes for each other in monopolistic competition. Here, the barriers to entry and exit in the industry are low, and the decisions that are taken by one company do not affect the competitors. Therefore, in the scenario given above, because there are several colleges and universities serving millions of students in similar ways but with differentiated methodologies and programs, they form a monopolistic competitive market.
Answer:
Alex may have to lower the price to convince Clara to buy a second slice.
Explanation:
Marginal utility is an economic concept that says that a consumer recieves more marginal utility in the first consumption of a good or services than in the second and the subsequents. In fact with each consumption the marginal utility reduces, this effect is known as diminishing marginal utility.
One of the the methods to reduce the effects of the diminishing marginal utility is to reduces prices. As the utility of a product decreases as its consumption increases, consumers are willing to pay smaller amount of money for more of the product.
Answer:
$17,867
Explanation:
The computation of the overhead cost assigned to Product V8 is shown below:
<u> (a) (b) (a × b) c (a × b × c) </u>
<u>Overhead Activity Overhead Driver ABC V8 V8 </u>
<u> driver amount quantity Rate Driver Overhead
</u>
Maching
Costs Machine
Hours $11,700 10000 1.17 3100 3627
Order
filling No of orders $17,800 1000 17.8 800 14240
Total V8 overhead cost assigned is
= $3,627 + $14,240
= $17,867
Answer:
Selling
Explanation:
Marketing refers to the process of designing , promoting and distributing products and services driven by an objective of customer satisfaction, achieved through satisfaction of customer wants in the best possible manner.
Following are the four eras of marketing:
- Production era: This era was characterized by abundant raw materials, new mechanical methods. Herein, companies majorly dealt in a single product and marketing efforts were confined to brochures or catalogs.
- Selling era: In this era companies began focussing upon gaining a competitive edge, characterised by campaigns and customer needs assumed importance.
- Brand Marketing: Herein the position of a brand manager was created to assume responsibility for all brand related activities which included it's marketing and competition became intense.
- Relationship Marketing : Under this era which is the current era, the focus of marketers has shifted to customer needs, maintaining good business-customer relationships and their ultimate satisfaction.
The given case corresponds to the selling era, wherein promotion has been emphasized with significant portion of the budget being allocated to such activity.
