Customers Are More Likely to Buy an Inferior Product Now

question 35

True/False

Customers are more likely to buy an inferior product now rather than wait for a better one if their culture thinks of time as a map rather than as a river.

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Definitions:

Less Durable

Describes goods or products that have a shorter usable lifespan before they degrade, wear out, or become obsolete.

Inferior Goods

Products whose demand decreases as the income of consumers increases, due to the availability of better or more desirable alternatives.

Income

The financial gain that an individual or business receives, typically through employment, investment, or business ventures.

Utility Function

A mathematical representation in economics that ranks preferences or satisfaction levels consumers receive from consuming goods and services.