Which of the Following Are Products Consumers Buy After Comparing

question 169

Multiple Choice

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

• A) shopping goods
• B) specialty goods
• C) convenience goods
• D) unsought goods

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Definitions:

Price of Apple

The cost at which an apple, as a fruit or as a company's stock (Apple Inc.), can be purchased, depending on context.

Price of Orange

Refers to the cost to purchase a single unit or a specified amount of oranges in a given market.

Substitution Effect

The economic principle that as prices rise or income decreases, consumers replace more expensive items with less costly alternatives.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.