An Interactive, Digitally Enabled System That Allows Individual Customers to Design

question 235

Multiple Choice

An interactive, digitally enabled system that allows individual customers to design their own products by answering a few questions and choosing from a menu of product attributes, prices, and delivery options, is referred to as a

• A) wiki.
• B) cookie.
• C) choiceboard.
• D) chat bot.
• E) collaborative filter.

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Definitions:

Inferior Good

An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, where demand increases with rising consumer income.

Normal Good

A type of good for which demand increases when income increases, and vice versa, displaying a positive correlation between income and demand.

Cross Elasticity of Demand

A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between the two goods.

Motor Oil

A lubricant used in internal combustion engines to reduce friction, protect against wear, and maintain engine cleanliness.