Which Type of Consumer Product Is Often Very Expensive, Purchased

question 3

Multiple Choice

Which type of consumer product is often very expensive, purchased infrequently, and takes an extensive amount of time to make the purchase decision?

• A) convenience product
• B) shopping product
• C) specialty product
• D) unsought product
• E) discretionary product

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Definitions:

Lag

The time delay between the occurrence of one event and the occurrence of another event that is directly related to the first.

Monetary Policy

Actions by a central bank to influence the amount of money and credit in the economy to achieve macroeconomic objectives like controlling inflation.

Aggregate Demand

The total demand for all goods and services in an economy at a given overall price level and in a given time period.

Lag

A delay between an action and its effect or between two related events.