Which of the Following Is Most Likely to Be an Inferior

question 210

Multiple Choice

Which of the following is most likely to be an inferior good?

• A) smartwatches
• B) ocean cruises
• C) used clothing
• D) steak

Comprehend the relevance and dynamics of e-marketplaces in organizational buying.

Distinguish between different types of auctions and their roles in buying and selling processes.

Identify the components and functions of different online trading communities and platforms.

Understand the significance of buying situations that require changes in product specifications, price, delivery schedules, or suppliers.

---

Definitions:

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for significant competition but with a degree of product differentiation.

Product Differentiation

The process by which companies distinguish their products from those of competitors in the eyes of consumers by varying design, quality, or other attributes.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical, allowing for competition based on price, quality, and branding.

Market Price

Today's rate at which a service or asset is being offered for buying or selling.