1. A perfect competition is desired because
   
   

ANo single business has a significant impact on quality, price, or supply for a given product.

BEach business contributes the same amount toward the gross domestic product (GDP) for a given product

CThere are many sellers vying for the buyers in a given market.

DThere are a small number of sellers, each with substantial market share, vying for many buyers in the market.

1. Which of the following is not a customer targeted by companies?
   
   

ACultural markets

BReseller markets

CGovernment markets

DConsumer markets

1. The purpose of applying for a patent is to protect the company's right to
   
   

AProduce and sell an invention

BPursue the development of an invention

CKeep new product development secret

DMarket new products over the internet

1. In the product development process, marketers should treat their suppliers
   
   

AStrictly as vendors to avoid relationship issues

BWith professionalism, but without developing too close of a relationship

CAs partners to ensure products success

Dlike part of the family, with suppliers working alongside the marketing team.

1. Companies are using social media in their marketing strategies to allow
   
   

ACustomers to post comments in support of their products

BTwo-way conversation with customers and prospective customers

CEasy access to customer databases for one-to-one marketing

DAnnouncements to reach a larger audience