People with Unsatisfied Wants and Needs Who Have Both the Ability

question 58

Multiple Choice

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

• A) a market.
• B) stockholders.
• C) a profit center.
• D) a marketing mix.

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Definitions:

Expected Utility Function

A concept in economics that represents an individual's preference for certain outcomes over others, calculated as a weighted average of the utility of all possible outcomes, based on their probabilities.

Utility Function

In economics, a mathematical representation that ranks individuals' preferences over sets of goods and services, indicating the level of satisfaction or utility they obtain.

Risk Neutral

A risk neutral person or entity is indifferent between choices with different levels of risk, focusing solely on the expected outcome without concern for the variability of returns.

Risk Averse

Personality or preference indicating a tendency to avoid taking risks, preferring certainty or less risky options.