________ Is the Totality of Features and Characteristics of a Product

question 42

Multiple Choice

________ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

• A) Performance
• B) Customer loyalty
• C) Quality
• D) Value
• E) Customer retention

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Definitions:

Monopolist's Pricing

The strategy used by a monopoly to determine the price of its product, often maximizing profits by controlling supply and determining demand.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Socially Unproductive

Activities or behaviors that do not contribute to, or may detract from, societal welfare or economic efficiency.

Consumer Surplus

The disparity between what consumers are prepared and capable of paying for a product or service, and what they end up paying in reality.