Which of the Following Statements Is True of Buyers in Consumer

question 68

Multiple Choice

Which of the following statements is true of buyers in consumer markets versus buyers in business markets?

• A) Buyers in consumer markets tend to be insensitive to price,while buyers in business markets are very particular about price.
• B) Buyer demand for consumer products in consumer markets is less stable than buyer demand for business products in business markets.
• C) Buyers in consumer markets approach purchasing more informally,while buyers in business markets approach purchasing more formally.
• D) Buyers in consumer markets involve more people in a single purchase decision,while buyers in business markets involve less people in a single purchase decision.

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Definitions:

Narrowly Defined

Described or specified with a high degree of precision and detail, often used to limit the scope or focus of a concept or category.

Available Substitutes

Alternatives to a product or service that are readily accessible to consumers, affecting demand and pricing strategies.

More Elastic

Describes a greater sensitivity of demand or supply to changes in price or other economic factors.

Perfectly Inelastic

A market situation where the quantity demanded does not change as the price changes.