Which of the Following Statements Is True of Convenience Products

question 61

Multiple Choice

Which of the following statements is true of convenience products?

• A) A consumer is unwilling to shop extensively for convenience products.
• B) These are products that are perceived to have similar features.
• C) A consumer is unwilling to accept other substitutes for convenience products.
• D) These are products that are not actively sought after by consumers.

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Definitions:

Tariff Revenue

Income that a government earns from imposing tariffs on imported goods.

Domestic Consumers

Individuals or households that consume goods and services within their own country, as opposed to purchasing imported goods.

Domestic Producers

Entities within a country that produce goods and services for the local market.

Import/Export

The practice of bringing goods or services into a country (import) and sending goods or services to another country (export).