A Company Wants Information on Who Purchases Its Competitor's Products

question 46

Multiple Choice

A company wants information on who purchases its competitor's products. Which research design would you recommend to address this problem?

• A) Secondary research
• B) Exploratory research
• C) Causal research
• D) Descriptive research

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Definitions:

Substitution Effect

The economic principle stating that as the price of a good or service rises, individuals will replace more expensive items with less costly alternatives.

Output Effect

The impact that changes in output have on economic activity, such as variations in production levels affecting GDP.

Resource

An economic or productive factor required to accomplish an activity or to provide a service, such as labor, land, capital, and raw materials.

Wage Rate

The amount of compensation a worker receives per unit of time or per task performed.