The Worth of One or More Features of a Product

question 151

Multiple Choice

The worth of one or more features of a product for which the customer is willing to pay is defined as:

• A)Value
• B)Quality
• C)Efficiency
• D)Innovation

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Definitions:

Entrepreneurs

Individuals who initiate, manage, and assume the risks of starting and operating a business with the aim of making a profit.

Third Party

An entity involved in a transaction besides the two main parties; in insurance, the person other than the policyholder and the insurer who may be affected by or have a claim against the policy.

Costs

The amount that must be paid or spent to buy or obtain something.

Compensation

Payment or benefits received for services rendered or damages incurred; often used in the context of employment.