Goods and Services Purchased by the Ultimate Consumer for Personal

question 44

Multiple Choice

Goods and services purchased by the ultimate consumer for personal use are called _____ products.

• A) business
• B) primary
• C) consumer
• D) secondary

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Definitions:

Wheat

Wheat is a cereal grain grown worldwide and is a staple food ingredient used for making bread, pasta, cake, and many other food products.

Pure Competition

A market format where there are many sellers presenting the same products, and none of these sellers are able to affect the market price on their own.

Unique Product

A product that is different from others in the market due to distinctive features, design, or attributes that make it stand out.

No Close Substitutes

A market condition where a good or service has no similar alternatives, giving it a unique position and potentially more market power.