______ is the total combined customer lifetime values of all the company's current and potential customers.

a. Customer-perceived value
b. Value proposition
c. Market share
d. Share of customer
e. Customer equity

What is the final step in the writing process?

_____ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

a. A demand chain
b. A market segment
c. A marketing-mix channel
d. A marketing channel
e. A supply chain

Name the term defined in the following statement.

Refers to when a company builds service activities into its product offerings .

_______________ are human needs as shaped by individual personality and culture.

Select one:

a. Demands

b. Needs

c. Wants

d. Values

__________ is the full introduction of a complete marketing strategy and the launch of a product.

Most managers look for ways to save time and increase productivity. Conduct research to find out about time management techniques used in the workplace. How might you use these techniques in the foods lab?

If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?

What should happen when a country takes a unilateral approach to free trade?

Private markets fail to account for externalities because

A. externalities don't occur in private markets

B. sellers include costs associated with externalities in the price of their product.

C. decision makers in the market fail to take account of the external effects of their behavior

D. the government can easily correct any adverse effect on the market that externalities may cause

The nation of Wiknam has five million resident whose only activities are producing and consuming fish. They produce fish in two ways. Each person who works on a fish farm raises 2 fish per day. Each person who goes fishing in one of the nation’s many lakes catches X fish per day. X depends on N, the number of residents (in millions) fishing in the lakes. In particular, if N million people fish in the lakes, each catches X = 6 - N fish. Each resident is attracted to the job that pays more fish, so in equilibrium the two jobs must offer equal pay. a. Why do you suppose that X, the productivity of each fisherman, falls as N, the number of fishermen, rises? What economic term would you use to describe the fish in the town lakes? Would the same description apply to the fish from the farms? Explain. b. The town’s Freedom Party thinks every individual should have the right to choose between fishing in the lake and farming without government interference. Under its policy, how many of the residents would fish in the lakes and how many would work on fish farms? How many fish are produced? c. The town’s Efficiency Party thinks Wiknam should produce as many fish as it can. To achieve this goal, how many of the residents should fish in the lakes and how many should work on the farms? (Hint: Create a table that shows the number of fish produced—on farms, from the lake, and in total—for each N from 0 to 5.) d. The Efficiency Party proposes achieving its goal by taxing each person fishing in the lake by an amount equal to T fish per day. It will then distribute the proceeds equally among all Wiknam residents. (Fish are assumed to be divisible, so these rebates need not be whole numbers.) Calculate the value of T that would yield the outcome you derived in part (c). e. Compared with the Freedom Party’s hands-off policy, who benefits and who loses from the imposition of the Efficiency Party’s fishing tax?

Compared to the short-run industry supply curve, the long-run industry supply curve will be more A. elastic. B. inelastic. C. steeply sloped. D. profitable. E. accurate.

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.

$$\begin{matrix} \text{Aug. 1} & \text{Purchased merchandise with an invoice price of \$60,000 and credit terms of } 3 / 10, n / 30.\\ \text{11 } & \text{Paid supplier the amount owed from the August 1 purchase.}\\ \end{matrix}$$

Corrigan Corporation had a beginning inventory of $20,000 and an ending inventory of$24,000. Its net sales were $164,000 and net purchases were$81,000.

Corrigan’s gross profit for the period is a. $79,000. b.$83,000. c. $87,000. d.$164,000.