D) Seeing an idea come into being
The assumption in perfect competition that there is an easy entry and exit from the market implies that firms will make a zero economic profit in the long run.
<h3>Why do firms make a zero economic profit?</h3>
In a pure competition, companies are allowed to freely enter and leave.
They take advantage of this to enter a market when prices are high and economic profit is being made.
As more firms enter, the economic profit keeps decreasing as prices decrease until this profit gets to zero and then turns to economic losses.
At this point, some firms will leave the market to stop making losses. When they do, the supply will decrease which leads to prices rising once more.
The cycle will then repeat itself and keep the companies at a zero economic profit in the long run.
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The three types of companies that populate and compete in the global marketplace are (1) international firms; (2) multinational firms; and (3) <u>transnational</u> firms.
<u>Explanation:</u>
An international corporation, also known as a global corporation, is derived from the generic word global, meaning worldwide. As an enhancement of the marketing strategy in their home country, a foreign company participates in trade and marketing in various countries and called as international firms.
A multinational company views the world uniquely as composed of unique parts and markets to each component. A transnational organization looks at the world as a single market and recognizes cultural connections across countries or common consumer needs, and seeks more than disparities.
Answer:
Societal marketing
Explanation:
Societal marketing: The societal marketing is that marketing concept which focuses on serving the society at their best level by satisfying their needs, wants, and interest and keep the profit motive aside.
It aims to produce such goods and serving those services which helps to improves the business organization image, goodwill, reputation to a larger extent. By satisfying the society at large, the organization can strengthen its long term success.
This market concept is closely related to the Corporate Social Responsibility (CSR)
So, According to the given definition, the most appropriate term is Societal marketing
Answer:
There are several ways in which a young entrepreneur can carry out purchasing activities responsibly, including:
1. Measured production of inventory or units of products- If an entrepreneur is producing bicycles for instance, (s)he should only spend on inventory that (s)he anticipates will be sold to customers or purchased by retailers. For example, let's assume that the entrepreneur has a purchase order from a retailer such as K-Mart for 500 bicycles. In this case the entrepreneur should only produce around 550 bicycles rather than 700 or 1000 bikes, thus, purchasing supplies and producing inventory in accordance with demand for his/ her bicycles.
2. Lowering costs of production where possible- Firstly, this can be done by purchasing supplies and materials for inventory in bulk. Secondly, the entrepreneur could outsource the manufacturing of his/her product to countries (such as China) where production costs are significantly cheaper.
