In Microeconomic Terms, the Ability of a Good or a Service

question 66

Multiple Choice

In microeconomic terms, the ability of a good or a service to satisfy wants is called:

• A) opportunity cost.
• B) utility.
• C) utility maximization.
• D) profit potential.

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Definitions:

AIDA Model

A marketing model that describes the stages a customer goes through in the process of purchasing a product, which include Attention, Interest, Desire, and Action.

Emotional Appeals

Persuasive techniques that attempt to influence an audience's feelings to sway their opinions or decisions.

Logical Appeals

Arguments or persuasions based on reasoning, facts, and evidence to convince an audience.

Key Selling Points

Unique features or benefits of a product or service that make it attractive to potential customers.