Which Type of Consumer Good Is Purchased Relatively Infrequently and Takes

question 78

Multiple Choice

Which type of consumer good is purchased relatively infrequently and takes some time to make the purchase decision due to some comparison shopping?

• A)shopping goods
• B)convenience goods
• C)unsought goods
• D)specialty goods

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Definitions:

Sampling Distribution

The sampling distribution is a probability distribution of a statistic obtained by selecting all possible samples of a specific size from a population.

Sampling Distribution

A probability distribution of a statistic obtained from a large number of samples drawn from a specific population.

Mean

The average of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Central Limit Theorem

Theorem stating that sample means are approximately normally distributed for an infinite number of random samples drawn from a population.