The shrinking or distances due to technological advances such as computer and fax connections by telephone are one characteristic of what new challenge to marketing ?
Correct answer: A. Rapid globalization
- A. Rapid globalization
- B. The changing world economy
- C. The call for more socially responsible marketing
- D. The micro-chip revolution
Explanation
Technological communication that reduces the importance of physical distance helps firms operate and compete across national borders, a feature of rapid globalization. The microchip revolution is the technological cause, not the marketing challenge described.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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