_______ Serves as a Means of Communication with the Buyer

question 12

Multiple Choice

_______ serves as a means of communication with the buyer by providing a basis for judging the attractiveness of the offer.

• A)Price
• B)Packaging
• C)Colours
• D)Advertising

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Definitions:

Perfect Substitute

Perfect substitutes are goods or services that can be used in place of one another with no loss of utility to the consumer, such that one can be replaced by the other in use.

Units Of Good

The quantifiable measure of a product or service that is produced by a company.

Utility Function

An expression that quantitatively describes how consumer preferences are ordered, indicating the level of happiness or fulfillment they derive from various goods or services.

Indifference Curves

Graphical representations used in microeconomics to illustrate different combinations of two goods among which a consumer is indifferent in terms of utility or satisfaction.