A Consumer's Existing Knowledge of a Product May Be the Result

question 19

Multiple Choice

A consumer's existing knowledge of a product may be the result of ________, wherein on a previous occasion the consumer had already searched for relevant information or experienced some of the alternatives.

• A) directed learning
• B) actual state-need recognition
• C) marketing promotions
• D) the Internet

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and the creation of inventions to solve problems or improve processes.

Short-Run Total Cost Function

A formula showing the total cost of production when at least one factor of production is fixed in the short run.

Average Cost

Calculated by dividing the total cost of production by the number of goods produced.

Quantity of Output

The total amount of goods or services produced by a company, industry, or country.