People Are More Likely to Buy a Product If They

question 13

True/False

People are more likely to buy a product if they are told that it works 70% of the time than if they are told it fails to work 30% of the time.

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Definitions:

Consumer Awareness

The understanding and knowledge that consumers have about products, services, and their rights, influencing their purchasing decisions and behaviors.

Demand

The capacity of consumers to purchase a good or service, considering their willingness and financial ability, at diverse prices over an established period.

Economic Inefficiencies

Circumstances where resources are not optimally allocated, leading to waste or losses in potential value within an economy.

Product Variety

The assortment of different goods or services offered by a firm or market to cater to diverse consumer preferences.