Answer:
Promotional mix
Explanation:
Promotional mix can be defined as a combination of different marketing approaches which are carried out to improve the sales of the company products and services.
Promotional mix is used by marketers to provide potential customers with adequate information about their products and services.
Promotional mix is essential for building strong awareness about the product, it is also very effective at reaching a wide range of different audiences.
In a market economy, like the one described in the question, there is the potential to achieve efficiency in production. This is because producers can choose what they produce and can focus on the products they are good at. This can help with economies of scale and efficiency.
The lesson of sunk costs is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options. A sunk cost is a cost that happened during the manufacturing of something else and there is no way to recover that money back if the item or service fails. These costs will happen no matter the decision or outcome of a situation so most companies do not factor in sunk costs.
Answer:
The correct words for the blank spaces are (in that order): short; supply; inelastic; long; elastic; responsive.
Explanation:
Supply elasticity refers to the changes in quantity supplied as a result of changes in other factors of production. It measures the responsiveness of the change in the price of that particular good or service offered. In the short term, if there is not enough output, the quantity supplied will be inelastic (less responsive). The opposite happens in the long term with higher levels of output: the supply is likely to become more elastic.
