Few People Can Afford the Best in Everything They Buy

question 103

Multiple Choice

Few people can afford the best in everything they buy.At times,everyone needs a product with less quality or performance with a correspondingly lower price.In this case,a consumer would purchase a product positioned with a(n) ________ strategy.

• A)more-for-the-same
• B)more-for-less
• C)same-for-less
• D)less-for-much-less
• E)all-or-nothing

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Definitions:

Marginal Cost

The increased expenditure resulting from manufacturing one more unit of a good or service.

Declining

A term describing a situation where a certain quantity or quality is decreasing over time.

Marginal Cost

The additional expense associated with manufacturing one more unit of a specific item.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.