Once Consumers Have Used a Product, Seen It Advertised, or Noticed

question 88

True/False

Once consumers have used a product, seen it advertised, or noticed it in a store, it moves from the unknown to the known category, which increases the probability that they will purchase it.

---

Definitions:

Wage Rate

The amount of compensation a worker receives per unit of time or per task completed.

Competitive Labor Market

A market scenario where numerous firms compete to hire the same labor, and workers compete for the same jobs, often leading to wage equilibrium.

Going Wage Rate

The average or standard amount of pay offered for a particular job in a specific area or industry.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied.