The Correct Response is Option A
A) PLACE
- Place is the component of the marketing mix that explicitly addresses the management of the retailing and marketing channels. Customers typically reach out to retailers first to purchase goods, and this is where marketers may influence consumers and successfully engage with them.
- Place. The location component of the marketing mix more frequently addresses commerce and marketing channel management particularly.
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Answer:
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Answer:
C. the firm should reduce production.
Explanation:
Marginal revenue is defined as the additional profit that a business makes from the sale of extra unit of a product.
If marginal revenue is more than marginal cost the business is making profit and it should increase production. This will increase profit.
However if the marginal revenue is less than the marginal cost, it means the business is making a loss. The best action is to reduce level of production up to the point where marginal revenue exceeds marginal cost.
Answer:
Option (D) is correct.
Explanation:
If we assume that beef is a normal good.
We know that there is a positive relationship between the income of the consumer and the demand for normal good. This means that if there is an increase in the income of a consumer then as a result the quantity demanded for a normal good also increases.
In our case, if there is an increase in the income level of the consumer then as a result the quantity demanded for beef also increases.
