Products Are Classified as Being Business or Consumer Products According

question 255

Multiple Choice

Products are classified as being business or consumer products according to the

• A) number of buyers involved in the decision.
• B) buyer's intended use of the product.
• C) seller's intended use of the product.
• D) location of use.
• E) types of outlets from which they are purchased.

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Definitions:

Francs

A former currency of France, which was replaced by the Euro.

Consumption

The act of utilizing economic goods to satisfy needs or desires.

Revealed Preferred

A theory in economics that preferences of consumers can be understood from their purchasing habits and choices, as observed from actual market behavior.

WARP

The Weak Axiom of Revealed Preference, a concept in microeconomics that asserts if a consumer prefers bundle A over bundle B when both are affordable, then the consumer will not choose B over A when B's price decreases making it more affordable.