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Collectively, all the things that a firm can do to influence demand for its good, service, or idea are referred to as marketing:
a. mix
b. place
c. model
d. concept
 
 

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Sonia Dhawan
Sonia DhawanLv10
9 Oct 2020

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Marketers define a ________ as any physical good, service, or idea that satisfies a want or need.

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c. prototype.

d. concept test.

Explain why the demand for the good or service provided by a firm is elastic or inelastic. How does the elastic or inelastic demand influence pricing decisions by the firm to maximize profit? What are the impacts of elastic demand and inelastic demand on total revenue?

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The primary difference between absolute and comparative advantage is

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d. Absolute advantage refers to the ability to produce a good or service at a lower opportunity cost, and comparative advantage refers to the ability to produce more of a good or service using the same amount of resources

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