Generally, Other Things Being Equal, Most Customers Prefer Products with

question 18

Multiple Choice

Generally, other things being equal, most customers prefer products with

• A)good after-sales service.
• B)fewer and simpler features.
• C)standardized features.
• D)cost-effectiveness.

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Definitions:

Payments to Workers

Payments to workers include salaries, wages, benefits, and other compensation provided to employees in exchange for their labor.

Entrepreneur's Forgone Interest

The potential interest income an entrepreneur sacrifices by investing their own money into their business instead of depositing it for interest.

Implicit Costs

Non-monetary opportunity costs that are not directly incurred as a result of performing business activities.

Entrepreneur's Potential Earnings

The forecasted income an entrepreneur expects to earn from a business venture, taking into account both risks and opportunities.