A Consumer Will Buy a New Product Rather Than an Existing

question 117

Multiple Choice

A consumer will buy a new product rather than an existing product

• A)when the MU/ P of the new product is less than the MU/ P of the existing product.
• B)when the substitution of the new product for the old product increases the consumer's total utility.
• C)only if the new product has a lower price than the existing product.
• D)only if the MU of the new product exceeds the MU of the existing product.

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Definitions:

Advances in Technology

Refers to the progress and improvements in technological tools, systems, and methodologies that enhance productivity, efficiency, and innovation.

Data Entry

The process of inputting data or information into a computer system or database, often from paper documents, for the purpose of processing or management.

Human Resource Planning

A strategic process involving the identification and forecasting of an organization's current and future staffing needs.

Future Human Resources

The anticipated changes and challenges in managing an organization's workforce, including adapting to technological advancements and evolving workplace norms.