try defining what a market approach is: a method of determining the value of a product based on the selling price of similar products.
you can then proceed to think of a specific product or brand which is extremely overpriced (meaning sales volume will be low) or underpriced (meaning profit is not as much as it could be).
a simple example of this could be misjudging the value of real estate, and selling houses, land and other infrastructure for either much more or much less than you should
These is a major advantage of a market economy is it can change direction rapidly when needed as markets change. Thus second option is correct.
<h3>What is Market Economy?</h3>
Market Economy refers to the economy in which the prices of the goods and services are determined by the two market forces that are supply and demand.
There is a less control of the government in the market economy and therefore all the decisions are taken by the private individuals. Thus option 1st is incorrect.
The Prices of the goods and services are determined by the supply and demand forces and the prices are kept as per the affordability of the customers. Thus option 3rd is also incorrect.
Therefore the correct option is 2nd one as the market changes the price of the good and services are also effected and get changed.
Learn more about Market economy here:
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6800*.64= 4352
Ernesto payed $ 4352 in tax
30 points question is easy
so?
To improve a company's value chain, its value chain management team identifies each part of its production process and where improvements can be made. These improvements can either reduce costs or improve production capacity.
