If total cost is $3,000 with zero quantity produced and $6,500 with 1,000 items produced, what is the marginal cost of producing each item?

Answer: $3.50

Research and development speed up production by

Answer: Simplifying existing products

In a market economic system, who owns most of the means of production of goods and services?

Answer: Businesses and individuals

When a manufacturer asks a business to collect information from customers concerning how to improve a product, which type of utility is most likely to be affected?

Answer: Form

A grocery store keeps track of customers' purchases through their loyalty cards. This is an example of

Answer: Big data.

Which of the following is an example of an employee using nonverbal communication effectively to reinforce his/her service orientation:

Answer: Molly nodded and maintained eye contact as Ms. West explained the problem with her computer.

A customer has purchased an item from you and is now faced with carrying six packages. You can use a practical idea to create positive customer relations by

Answer: Offering to place all the packages in one large bag.

When taking notes during a seminar, a businessperson should write down

Answer: Key points

Which of the following is a type of simple written report that usually is distributed to employees within a business:

Answer: Memorandum

Because Caroline does not have enough time to read an entire 400-page business report, what section of the report should she review to obtain an overview of the most important content?

Answer: Executive summary

What is one reason why businesses write informational messages?

Answer: To explain new policies

When businesses need to formalize the information provided to employees, customers, or other businesses, they often use __________ communication.

Answer: Written

During a brainstorming session, should participants be allowed to add new ideas to the list that are based on another group member's idea?

Answer: Yes, because other participants' ideas can trigger new ideas.

A producer can minimize channel conflict among its distributors and retailers by

Answer: Offering different products through each channel

A manufacturer that has 65% of the market share is pressuring its wholesalers to sign an agreement stating that they will not sell competing products. In this situation, the agreement is illegal because it

Answer: Violates antitrust laws

Which of the following is a benefit of channels of distribution:

Answer: We can more easily obtain products from all over the world.

Providing marketing information is an important channel activity. Businesses rely on marketing information to determine

Answer: Their target markets' needs and wants

Which of the following statements is true regarding joint ventures:

Answer: Joint venture arrangements are usually short-term relationships.

A human resources manager sets up a computerized system for maintaining employee records. What type of resource is the manager using?

Answer: Material

When a customer buying an appliance, piece of electronics, or vehicle asks questions about repairs, the salesperson should explain features and benefits relating to its

Answer: Service and warranty