Some Consumers Are Concerned About Both Price and Quality When

question 63

Multiple Choice

Some consumers are concerned about both price and quality when making purchases in certain product categories.In this case, such a consumer would be described as:

• A)prestige-sensitive.
• B)value-conscious.
• C)externally price-conscious.
• D)price-conscious.
• E)internally price-conscious.

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Definitions:

Market Price

The current price at which a good or service can be bought or sold in the marketplace.

Perfectly Competitive Industry

An economic framework where numerous sellers and buyers exist, with unrestricted entry and exit, and the product offered is uniform.

Increase Revenue

Strategies or actions that lead to a rise in the total amount of money received by a company for goods sold or services provided.

AVC

The average variable cost, which is the total variable costs divided by the quantity of output produced.