Consumers Evaluate Product or Brand Alternative on the Basis of Desired

question 26

Multiple Choice

Consumers evaluate product or brand alternative on the basis of desired characteristics and how valuable each characteristic is.This is referred to as the:

• A)purchase influence for the product
• B)buying situation for the consumer
• C)choice criteria of the consumer
• D)centralised purchasing structure

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Definitions:

Equilibrium Wage Rate

The wage rate at which the quantity of labor demanded equals the quantity of labor supplied.

Wage Rates

The fixed amount of compensation paid to employees for their labor, typically expressed as payment per hour or per month.

Income Effect

The alteration in a person's or an economy's earnings and the effect of this alteration on the demand for a specific product or service.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.