The Value That Comes from Consuming a Product Is Referred

question 6

Multiple Choice

The value that comes from consuming a product is referred to as a(n) ____.

• A) Added Value Resource (AVR)
• B) Confirmed benefit
• C) Value proposition
• D) Feature
• E) None of the above

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Definitions:

Consumer Goods

Products and services that are purchased for personal use or consumption.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.

Production Possibility Frontier

A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.

Increasing Opportunity Costs

The concept that the cost of forgoing the next best alternative increases as resources become more specialized in production.