When a Consumer Compares the Price of a Good to the Value

question 102

Multiple Choice

When a consumer compares the price of a good to the value ofthat good, he or she is really comparing:

• A)the price of other substitute goods.
• B)the value of the good to the costs associated with producing the good.
• C)the value of the good to its opportunity cost.(True Answer )Correct
• D)the price of the good to the value of other substitute goods.

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Definitions:

Policy Decisions

Choices made by governments or organizations regarding laws, regulations, and actions to achieve specific economic or social goals.

Management Information System

An organized approach to collecting, storing, and processing data to provide useful information for decision-making.

Enterprise-wide Network

A comprehensive digital framework that connects all aspects of an organization, facilitating communication and data exchange within the entire enterprise.

Extranet

A private network that uses Internet protocols, network connectivity, and possibly the public telecommunication system to securely share part of an organization's information or operations with suppliers, vendors, partners, customers, or other businesses.