price falls and demand is inelastic
What happens to your total revenue if you change the price?Total revenue equals total quantity sold multiplied by price of good. With elastic demand – a rise in price lowers total revenue TR increases as price falls. With inelastic demand – a rise in price increases total revenue and TR decreases as price falls.If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded.When the demand is elastic, the total revenue and the price moves in the opposite direction. An increase in the price will decrease the total revenue and a decrease in price will increase the total revenue.
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a. profit-maximizing firms. b. majority-rule voting. c. which project receives the most votes. d. rational ignorance. e. all of these.
Cost-benefit principles can be applied to the decision of profit-maximizing firms.
What is Profit maximization?
Profit maximisation is the inclination of businesses to increase profits over the short or long term by employing the most effective techniques and balancing revenues and costs at the margin. Its major objective is to raise a company's production level so that it can sell more products and generate more revenue. The primary goal of every corporation and enterprise has always been to maximise profits. It becomes a cornerstone of traditional economic theory as a result. Numerous of its presumptions have assisted economists in developing various ideas about prices and production. Additionally, it helps to understand how businesses behave as well as the impact of price, input, and output in diverse market circumstances.
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Correct question:
Cost-benefit principles can be applied to the decision of:
a. profit-maximizing firms.
b. rational ignorance.
c. all of these.
d. majority-rule voting.
e. which project receives the most votes.
a european nation exports fabric and fashion products and in turn imports products that it does not produce such as corn and wheat. as a result, it spends more on buying corn and wheat than it gains from exporting fabric. which perspective would frown on this form of international trade?
The observable effects of climate change are already having an effect on food security through increased temperatures, changing precipitation patterns, and a rise in the frequency of some extreme events.
Importance of lower latitude region?While maize, wheat, and sugar beet yields have improved over the past ten years in many higher-latitude regions, studies that separate the effects of climate change from other factors on crop yields have shown that some crops have been negatively impacted by observed climate changes in many lower-latitude regions.
What is the significance of global trade?International trade is essential because countries rely on other countries to import goods that are difficult to find domestically. A country that specializes in exporting goods may have more raw resources available than there are in the world.
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Which resource would be considered the factor of production called land?
answer choices
a. timber (wood)
b. a factory
c. money
d. a farmer working their fields.
Timber (wood) resources would be classified as a factor of production known as land. Thus, the correct answer is option A.
What is a factor of production?Factors of production are the inputs required to generate commodities and services in the economy. Land, labour, capital, and entrepreneurship are the factors. The resources required to provide a good or service, as measured by a country's GDP, are one of the four factors (GDP).
The term "production" in the context of elements of production refers to the process of converting inputs into outputs, which are finished goods that can be sold as a good or service. To accomplish this, the input will go through a manufacturing process and several stages before reaching the hands of customers.
Therefore, option A is correct.
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ancon inc., typically forecasts potential product sales based on the number of customers who say they would either definitely or probably buy the product, on a five-point scale. the firm's sales forecast is based upon .
On a scale of 1 to 5, how many customers indicate they would definitely or probably buy a product determines how ancon Inc. normally anticipates possible product sales. Using customers' intentions to buy, the company predicts its sales.
According to a five-point scale, Ancon Inc. often predicts future product sales based on the proportion of clients who say they would either definitely or probably buy the product.
A new product's net present value can be calculated using factor analysis even in the concept stage. Initially created for use with durable items, a lot of mathematical sales forecasting models.
sales representatives' estimates for the business. The salespeople's estimations are not an approach that may be justifiedly utilised to forecast sales.
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assume milk is used to produce ice cream. a decrease in the price of milk will cause the equilibrium price of ice cream to:
A decrease in price of milk will cause equilibrium price of ice cream to decrease and equilibrium quantity of the ice cream to increase.
What is equilibrium quantity?There is neither a scarcity nor an overabundance of a product if it is offered on the market in an equilibrium quantity. Demand and supply, or the quantity of a good that customers desire to buy and the quantity that its suppliers can offer, are said to be intersecting when they are both in equilibrium. The basis for this concept is the supply and demand theory, which forms the basis of market capitalism. It suggests that neither producers nor consumers are subject to outside pressures and that both exhibit dependable and constant behaviour. The supply and demand diagram shows two curves, one representing supply and the other demand. The supply curve slopes upward when viewed from the left to right.
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Complete Question:
Assume milk is used to produce ice cream. a decrease in the price of milk will cause the equilibrium price of ice cream to?
Tom Petty excelsat producing rock videos. Tom Clancy excels at writing military novels. The difference in their skills is one reason why the production possibilities frontier for videos and novels? a. has a positive stope b. has a constant slope c. is bowed outd. is a straight line
The difference in their skills is one reason why the production possibilities frontier for videos and novels:} : has a positive slope.
How do you define slope?Slope is a numerical representation of how inclined a line is with respect to the horizontal. The ratio of the vertical to the horizontal distance between any two points on a line, ray, or line segment is known as its slope in analytic geometry ("slope equals rise over run").A line's slope is how steeply it slopes from LEFT to RIGHT. The slope of a line is determined by dividing its rise, or vertical change, by its run, or horizontal change.Positive slopes are founded on the idea that as x rises, y rises as well, making the ratio of y/x positive. Negative slopes are founded on the idea that when x rises, y falls; as a result, we get a negative change in y and a positive change in x.Learn more about Slope refer to :
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describe the fiscal policy action that is discussed in the article, including its status (such as under debate, approved, or rejected).
Fiscal policy focuses on taxes and spending because these are areas that the government can directly influence.
What is fiscal policy?The use of taxing and expenditure by the government to influence the economy, particularly macroeconomic conditions, is known as fiscal policy. The total demand for goods and services, employment, inflation, and economic growth are a few of these. During a recession, the government may lower tax rates or enhance spending to encourage demand and increase economic activity. Fiscal policy is frequently contrasted with the monetary policy, which is carried out by central bankers rather than elected government officials. His theories evolved in response to the Great Depression, which challenged the tenets of classical economic theory that economic fluctuations were self-correcting. Keynes' ideas had a considerable impact on the New Deal in the United States, which included significant spending on public works initiatives and social welfare programmes.
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when you get hired for a well-paying job, you will most likely view older used cars as group of answer choices complementary goods. substitute goods. inferior goods. normal goods.
When you get hired for a well-paying job, you will most likely view older used cars as normal goods. A typical good is one whose demand rises in response to an increase in consumer income.
Demand and income are positively correlated for typical products. Food, clothing, and household equipment are a few examples of normal items. The term "normal goods" refers to products whose demand rises as income does. For instance, the demand for "sugar" rises when income does as well.
Sugar is a typical good as a result. Consumers may choose standard items when prices are low, but when prices increase, they may choose subpar goods instead. Name-brand products and personal vehicles are examples of normal goods, whereas canned foods and public transportation are examples of normal goods.
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each year national sportswriters get together and select the single most outstandingamateur athlete in the country and award that person a check for 5,000. what reulst if michael receives the 5000 check from the united states olympic committee for his perforamcne at the olympics and deposits the checkin his personal account
If Michael deposits the check in his personal account, the money will be added to his account balance. He can then use the money for whatever he wishes.
Michael will receive a check for $5,000 from the United States Olympic Committee for his performance at the Olympics. Once he deposits the check into his personal account, the money will be added to his account balance and he can use it for whatever he wishes. This could be to pay bills, save for a future purchase, or even just enjoy spending the money. No matter what he decides to do with the money, it will be a nice reward for all of his hard work.
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when interest is compounded more than once per year which interest rate should be used when finding the time value of money?
When compounding interest more frequently than once a year, periodic rate should be used to calculate the time value of money.
What happens if interest compounding happens more frequently than once annually?However, the effective interest rate will be higher than 10% if compounding occurs more frequently than once a year. The effective interest rate rises with the frequency of compounding.
The rate is modified by when compounding occurs more frequently than once per year.The nominal interest rate is adjusted for the number of compounding periods the interest product will experience over the course of time to determine the effective yearly interest rate.
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which manufacturing logistics application of iiot includes the resources to move a product of service from the supplier to the customer?
forto advertising is a leading advertising agency in the united states. the company is against the use of subliminal advertisements in marketing communications. which of the following is a valid justification this decision by the company? a. receivers will object to subliminal messages presented to them. b. subliminal advertisements cannot affect the perceptions of individuals. c. influencing people out of their awareness is against the law. d. the effects of subliminal advertising are enduringly negative.
Influencing people out of their awareness is against the law is a valid justification this decision by the company. Hence option C is correct answer.
Marketing communications refer to a company's or an individual's strategy for connecting with their target market through various types of communication. Examples of marketing communication include advertising, direct marketing, branding, packaging, sales presentations, trade show participation, etc. It is against the law to influence people without their awareness, the business's decision to reject the use of subliminal signals in marketing communications may be justifiable.
Other forms of marketing communication are also included, such as direct marketing, branding, packaging, your website, printed materials, PR campaigns, sales presentations, sponsorships, and trade show appearances. The long-term goals of marketing communication are to use marketing initiatives to gradually raise the value of your brand.
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which of the following statements about management skills is true today? a. the application of technical, human, and conceptual skills does not change dramatically when a person is promoted to management. b. good management skills are automatic. c. particularly during turbulent times, managers need to apply all their skills and competencies in a way that benefits the organization and its stakeholders. d. the number one reason for manager failure is ineffective technical skills and practices.
in many nations, which social class has benefited from economic advances and seen the emergence of prosperity?
The middle class has been the main beneficiary of economic progress and has witnessed the emergence of prosperity in many countries. The middle class consists of people who are educated, as well as employed in white-collar jobs, and have the access to some level of financial security.
With economic progress, the middle class saw an increase in income, allowing them to purchase more goods and services and enjoy a better quality of life. In addition, economic progress has allowed the middle class to invest in assets such as stocks, bonds, and real estate, which can help them accumulate wealth and improve their financial security.
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assume that the demand for cosmetic or plastic surgery is price inelastic. are the following statements true or false? explain. when the price of plastic surgery increases, the number of operations decreases. the percentage change in the price of plastic surgery is less than the percentage change in quantity demanded. changes in the price of plastic surgery do not affect the number of operations. quantity demanded is quite responsive to changes in price. if more plastic surgery is performed, expenditures on plastic surgery will decrease. the marginal revenue of another operation is negative.
The difference in total revenue that follows from selling one more unit of an item or service is referred to as marginal revenue. It is a key topic in microeconomics and is used to estimate a company's optimal level of output and price.
False: When the demand for cosmetic or plastic surgery is price inelastic, it means that the number of operations performed does not change significantly with a change in price. So, when the price of plastic surgery increases, the number of operations may decrease, but not necessarily by a large amount.False: In the case of price inelastic demand, price changes by a bigger proportion than quantity requested changes by a higher proportion. This means that when the price of plastic surgery increases, the quantity demanded decreases by a smaller percentage, resulting in a higher revenue for the provider.False: As stated above, changes in the price of plastic surgery can affect the number of operations performed, but not to a significant extent. So, this statement is not entirely accurate.False: Quantity demanded is not quite responsive to changes in price in the case of price inelastic demand. This means that even with changes in price, the number of operations performed will not vary significantly.False: If more plastic surgery is performed, expenditures on plastic surgery will increase, not decrease.False: The marginal revenue of another operation is positive in the case of price inelastic demand, as the change in revenue from selling one more unit of plastic surgery is greater than the change in cost. This means that the provider can increase their revenue by selling more units, even though the price remains the same.To know more about marginal revenue:
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april borrows $19000 at an interest rate of 5% to purchase a new automobile. at what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 years?
To calculate the annual repayment rate, you need to calculate the total amount of interest April will have to pay over the 5 years and add it to the original loan amount.
April borrows $19000 at an interest rate of 5%: This means that for every $100 borrowed, April will have to pay back $105 after one year, due to the interest.
To pay off the loan in 5 years: This means that April will have to make payments for 5 years until the loan is fully paid off.
Calculating the total interest amount: To calculate the total amount of interest, we multiply the original loan amount by the interest rate. In this case, $19000 * 5% = $950. This means that April will pay $950 in interest over the 5 years.
Adding the interest to the original loan amount: To find the total amount April has to repay, we add the total interest amount to the original loan amount. In this case, $19000 + $950 = $19950.
Calculating the annual repayment rate: To find the annual repayment rate, we divide the total amount to be repaid by the number of years the loan must be paid off. In this case, $19950 ÷ 5 years = $3990 per year.
So, April must pay back $3990 per year for 5 years to fully pay off the loan.
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what were some of the best selling cars of the 1960s?
United States, 1960–1970: The Chevrolet Impala sets records The Chevrolet Impala was the most popular automobile model in America from 1960 through 1970. The Impala produced 1,074,925 units in 1965.
Which automobile was considered to be the most well-liked in the 1960s?The 1964 Mustang ignited a revolution and is arguably the most recognizable 1960s automobile in all of America. The first Mustang was attractive and affordable, wasn't particularly quick, but it had a V8 engine that demonstrated the design's potential.
What car from 1962 was the most recognizable?
The Ferrari 250 GTO had first been released in 1962, which is the year for which it is most famous. One of the most coveted and difficult-to-find sports vehicles in history is the Ferrari 250 GTO. Only 36 were made, all between 1962 and 1964, yet, astonishingly, collectors can identify every single one of them.
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the pro forma balance sheet indicates the oal assets will increase by 300000 if a debt equity ratio of .5 is maintained the debt must increase by
If a debt-to-equity ratio of 0.5 is maintained, the debt must increase by $150,000. This means that the pro forma balance sheet is assuming that the company will borrow an additional $150,000 to finance the increase in assets.
Debt-to-equity ratio is a financial metric that measures the amount of debt a person or company has relative to its equity. It's calculated by dividing total liabilities by total equity. The debt-to-equity ratio indicates the level of risk involved in financing a person or company's operations and growth.
To calculate the increase in debt, we can use the formula: Increase in debt = Increase in assets * Debt-to-Equity ratio.
Given that the assets are increasing by $300,000 and the debt-to-equity ratio is 0.5, the increase in debt would be:
$300,000 * 0.5 = $150,000
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what is the duration of a four-year treasury bond with a 10.5 percent semiannual coupon selling at par?
So the duration of a four-year Treasury bond with a 10.5 percent semiannual coupon selling at par is approximately 3.5 years.
The duration of a bond is a measure of its sensitivity to changes in interest rates. It can be calculated using the formula:
Duration = sum of (cash flow / (1 + yield / 2)^years to cash flow) / bond price
In the case of a four-year Treasury bond with a 10.5 percent semiannual coupon selling at par, the bond price is 100, the yield is 10.5 percent, and the years to cash flow are 0.5, 1.5, 2.5, 3.5, and 4.5.
The cash flow in each year is 10.5/2 = 5.25, and the bond price stays constant at 100.
By plugging in these values, we can calculate the duration:
Duration = (5.25 / (1 + 0.105 / 2)^0.5 + 5.25 / (1 + 0.105 / 2)^1.5 + 5.25 / (1 + 0.105 / 2)^2.5 + 5.25 / (1 + 0.105 / 2)^3.5 + 5.25 / (1 + 0.105 / 2)^4.5) / 100
Duration = approximately 3.5 years
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Select the term: A situation in which goods are not fairly distributed
a. market failure
b. business cycle
c. public policy
d. externality
e. welfare
market collapse a circumstance in which goods really aren't allocated fairly.
Why is the stock market in a slump?Stock market crashes are frequently caused by a variety of economic variables, such as speculation, panic selling, and economic bubbles. They can also happen in the wake of a significant catastrophe or economic crisis.
How did the market crash in 2008 take place?On September 29, 2008, the 2008 stock market collapse took place.777.68 points were lost by the Jones Industrial Average during intraday trading.It was the worst point decline in recorded history up to the stock market meltdown in March 2020, which coincided with the onset of the COVID-19 pandemic.
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assume that gunnar owes the same tax liability under both the current tax system and the proposed (progressive) system. as an economically rational taxpayer, why should he prefer the current system? because under the progressive tax system the next sodor earned would be taxed at the highest tax rate (20%); under the current system, it would be exempt from additional taxes.
As an economically rational taxpayer, Gunnar would prefer the current system over the proposed progressive system because under the current system, any additional income earned would not be taxed at a higher rate.
In the current system, Gunnar is paying the same tax liability on his entire income, while in the progressive system, any additional income earned would be taxed at a higher rate (20%). This means that Gunnar would have to pay more in taxes on the additional income earned under the progressive system, reducing his take-home pay.
Therefore, as an economically rational taxpayer, Gunnar would prefer the current system as it allows him to keep more of his income.
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a country has a comparative advantage in the production of a good if it can group of answer choices produce the good at the lowest opportunity cost. trade off producing the good for another good. produce more of the good than another country. produce more of the good most efficiently. produce the good on and remain on its production possibilities frontier.
A country has a comparative advantage in the production of a good if it can produce the good at the lowest opportunity cost.
What is comparative advantage?
The ability of an economy to produce a specific good or service at a lower opportunity cost than its trading counterparts is known as comparative advantage. Comparative advantage is a theory that explains why businesses, nations, or people might gain from trade.
Comparative advantage, as it relates to international trade, refers to the goods that a nation can produce more easily or at a lower cost than other nations. Even though this typically shows the advantages of trade, some modern economists now recognise that relying solely on comparative advantages can lead to resource exploitation and depletion in a nation.
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zapper has beginning equity of $281,000, net income of $63,000, dividends paid of $52,000 and stockholder investments of $18,000. its ending total equity as reported on the balance sheet is:
The ending total equity of Zapper as reported on the balance sheet is $310,000.
Total equity represents the residual interest in the assets of a company after deducting all of its liabilities. It is a measure of a company's net worth and is one of the key components of a balance sheet.
The formula to calculate the ending total equity is:
Ending Total Equity = Beginning Total Equity + Net Income - Dividends Paid + Stockholder Investments
Plugging in the numbers provided, we get:
Ending Total Equity = $281,000 + $63,000 - $52,000 + $18,000 = $310,000
So the ending total equity of Zapper as reported on the balance sheet is $310,000.
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bill plans to fund his individual retirement account (ira) by contributing $2,000 at the end of each year for the next 20 years. if bill can earn 12 percent on his contributions, how much will he have at the end of the twentieth year?
If the bill can earn 12 percent on his contributions, it will have $116,452.80 at the end of the twentieth year.
An Individual Retirement Account (IRA) is a type of investment account that allows individuals to save for retirement on a tax-advantaged basis. Bill plans to fund his IRA by making an annual contribution of $2,000 for the next 20 years. This means that every year, he will add $2,000 to his account for a total of 20 years, resulting in a total contribution of $2,000 * 20 = $40,000. If Bill earns an annual return of 12 percent on his contributions, the final value of his IRA can be calculated using the formula for compound interest: $40,000 * (1 + 0.12)^20, where the number of years (20) is raised to the power of the annual interest rate (0.12). The result is $116,452.80, meaning that Bill will have $116,452.80 in his IRA account at the end of the twentieth year. This calculation assumes that the interest is compounded annually, so the return from each year's contributions is reinvested, leading to exponential growth over time.
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what is required to form an agency relationship? the principal must pay the agent. the agent must have contractual capacity. the agent and principal must agree to enter the relationship. the agency agreement must be in writing.
The agent and principal must agree to enter the relationship required to form an agency relationship. The correct option is C.
What is the formation of an agency relationship?To recap, an agency relationship is created between two parties when one, the agent, agrees to represent the other, the principal. A principal-agent friendship is fiduciary in nature, which means it is built on trust.
To establish an agency relationship, both parties must express their consent. This manifestation can be either verbal or written.
Thus, the ideal selection is option C.
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To maintain a competitive advantage, gabriela’s company must be responsive to customers, be innovative, make high quality products, and do the work efficiently.a. Trueb. False
The statement "To maintain a competitive advantage, Gabriela’s company must be responsive to customers, be innovative, make high-quality products, and do the work efficiently" is true.
This is because being responsive to customers, being innovative, making high-quality products, and doing work efficiently are all crucial elements for a company to maintain its competitive advantage in the market.
Having a responsive customer service team ensures that customers are satisfied with their purchases and will be more likely to return for future business. Innovation allows a company to stay ahead of the competition and continuously improve their products.
High-quality products increase customer satisfaction and lead to repeat business and positive word-of-mouth recommendations. Finally, doing work efficiently helps a company to reduce costs and increase productivity, which can lead to increased profitability and competitiveness.
In short, these elements are essential for a company to maintain its competitive advantage and succeed in the long run.
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the new york stock exchange is an example of _________.
A secondary market is an instance of this, such as the New York Stock Exchange.
What is meant by secondary market?A capital market is a financial marketplace where long-term (more than a year) debt or securities backed by equity can be bought and sold.
Based on the total market capitalization of its listed securities, the New York Stock Exchange (NYSE), a stock exchange with its headquarters in New York City, is regarded as the biggest equity-based exchange in the world.
Capital markets have examples like the New York Stock Exchange. The exchange of savings and investments between those who have savings to invest and those who need capital takes place on capital markets.
A secondary market is exemplified by the New York Stock Exchange. High trading costs are indicated by a big difference between a security dealer's bid and ask quotes.
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m has a liability policy insuring m's flower shop. after m sells the shop, the buyer asks if m can transfer the liability policy as part of the sale. which condition prevents m from making this transfer without the insurer's consent?
The transfer of a liability policy without the consent of the insurance company is typically prevented by a "Transfer of Interest" clause in the policy.
A liability insurance policy is a contract between the policyholder and the insurance company that provides coverage for financial losses resulting from third-party claims of injury or damage. The policy typically includes a "Transfer of Interest" clause, which states that any transfer of ownership of the insured property requires the prior written consent of the insurance company. This clause is put in place to protect the insurance company's interests, as the transfer of ownership may affect the policy's coverage and the insurance company's underwriting criteria. Without obtaining the insurance company's consent, the policy may become void and the new owner may not be covered for any future claims. Thus, it is important for the policyholder, in this case, the seller of the flower shop, to obtain the insurance company's consent before transferring the liability policy to the buyer as part of the sale.
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Personal selling can be part of ____ and involves direct spoken communication between sellers and customers
Process
Price
Promotion
Product
Personal selling can be part of Promotion and involves direct spoken communication between sellers and customers.
What is Personal selling?
Personal selling is a face-to-face sales method where a salesman uses their people abilities to convince a consumer to purchase a specific product. The salesperson tries to persuade the consumer that the product will only add value by emphasizing its different qualities.
Door-to-door sales are one of the typical forms of personal selling. To market and sell the goods/services, salespeople knock on the doors of potential clients. With their excellent interpersonal skills, they attempt to persuade people to purchase from them.
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a collection of individuals whose common work experiences result in the development of a system of interpersonal relationships that extend beyond those established by management is a(n) .
The development of a system of interpersonal relationships that extend beyond those established by management is Workgroup.
What is interpersonal?Interpersonal skill is the ability to effectively interact and communicate with others. It includes being able to recognize emotions in others and respond to them appropriately, as well as the ability to work together towards a common goal. Interpersonal skills are important in all aspects of life, from relationships to the workplace. They help us to build strong relationships, understand others, take part in meaningful conversations, and deal with conflicts in a positive and effective way. Good interpersonal skills can also lead to enhanced self-esteem, better job opportunities, and a happier, more fulfilling life.
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