Suppose You Observe That Taxi Fares Per Trip Increased When

question 142

Multiple Choice

Suppose you observe that taxi fares per trip increased when more commuters took taxis.Which of the following is the best possible explanation?

• A)The law of demand was violated.
• B)The law of supply was violated.
• C)The price of gasoline went up.
• D)People were irrational.
• E)Commuters did not have any choice.

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Definitions:

Product Alternatives

Different products or services that serve the same purpose or fulfill the same need for a consumer, offering options in the marketplace.

Segmentation Variables

Criteria used to divide a market into clearly identifiable segments based on needs, behaviors, or demographics.

Purple Cows

A metaphor for products or services that are extraordinarily unique and stand out in a market, coined by marketing expert Seth Godin.

Competitive Advantage

A condition that allows a company or country to produce a good or service of equal value at a lower price or in a more desirable fashion for customers.