23. is a measure of the relationship between a percentage change in the market price of a product and a consequential percentage change in the quantity demanded of a product. a. Price elasticity of demand b. Profit maximization c. Sales maximization d. Status quo 24. Service companies like fast-food restaurants, hotels, and automotive dealerships that locate close to each other are using a strategy known as a. cannibalization b. clustering c. intensive distribution d. postponement 25. A consumer needs to buy a new toaster and decides to compare brands and stores before making a purchase. This is an example of a routine response behavior b. a straight rebuy c. extended problem solving d. limited problem solving a. 26. The final step of the financial planning process is to a. establish and administer controls to compare how the firm is performing relative to the budget plan. b. generate a prediction of the upcoming financial needs of the firm by making forecasts. pay the company’s bills and then determine how much money is left for other activities. d. prepare budgets as a roadmap to guide the activities of the firm. с. 27. Which of the following is most likely to be considered a specialty product? a. A freshly baked apple pie from the Publix bakery 6, A Porsche 911 purchased from a Porsche dealer A vacuum cleaner purchased from Costco d. A winter coat purchased at Walmart с. 28. Which of the following is not one of the goals of the operations function? a. Designing facilities for the operations of a business b. Ensuring products are available where customers want them c. Narrowing the scope of the market so they can appeal to potential customers d. Providing customers with what they want
23. is a measure of the relationship between a percentage change in the market price of a product and a consequential percentage change in the quantity demanded of a product. a. Price elasticity of demand b. Profit maximization c. Sales maximization d. Status quo 24. Service companies like fast-food restaurants, hotels, and automotive dealerships that locate close to each other are using a strategy known as a. cannibalization b. clustering c. intensive distribution d. postponement 25. A consumer needs to buy a new toaster and decides to compare brands and stores before making a purchase. This is an example of a routine response behavior b. a straight rebuy c. extended problem solving d. limited problem solving a. 26. The final step of the financial planning process is to a. establish and administer controls to compare how the firm is performing relative to the budget plan. b. generate a prediction of the upcoming financial needs of the firm by making forecasts. pay the company’s bills and then determine how much money is left for other activities. d. prepare budgets as a roadmap to guide the activities of the firm. с. 27. Which of the following is most likely to be considered a specialty product? a. A freshly baked apple pie from the Publix bakery 6, A Porsche 911 purchased from a Porsche dealer A vacuum cleaner purchased from Costco d. A winter coat purchased at Walmart с. 28. Which of the following is not one of the goals of the operations function? a. Designing facilities for the operations of a business b. Ensuring products are available where customers want them c. Narrowing the scope of the market so they can appeal to potential customers d. Providing customers with what they want
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:23.
is a measure of the relationship between a percentage change in the market price of a product
and a consequential percentage change in the quantity demanded of a product.
a. Price elasticity of demand
b. Profit maximization
c. Sales maximization
d. Status quo
24. Service companies like fast-food restaurants, hotels, and automotive dealerships that locate close to each
other are using a strategy known as
a. cannibalization
b. clustering
c. intensive distribution
d. postponement
25. A consumer needs to buy a new toaster and decides to compare brands and stores before making a
purchase. This is an example of
a routine response behavior
b. a straight rebuy
c. extended problem solving
d. limited problem solving
a.
26. The final step of the financial planning process is to
a. establish and administer controls to compare how the firm is performing relative to the budget plan.
b. generate a prediction of the upcoming financial needs of the firm by making forecasts.
pay the company’s bills and then determine how much money is left for other activities.
d. prepare budgets as a roadmap to guide the activities of the firm.
с.
27. Which of the following is most likely to be considered a specialty product?
a. A freshly baked apple pie from the Publix bakery
6, A Porsche 911 purchased from a Porsche dealer
A vacuum cleaner purchased from Costco
d. A winter coat purchased at Walmart
с.
28. Which of the following is not one of the goals of the operations function?
a. Designing facilities for the operations of a business
b. Ensuring products are available where customers want them
c. Narrowing the scope of the market so they can appeal to potential customers
d. Providing customers with what they want
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