Organizations Can Lock in Customers by Making It Difficult or Expensive

question 33

Short Answer

Organizations can lock in customers by making it difficult or expensive for customers to switch to another product. This is called establishing ________.

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Definitions:

Simultaneous Inflation

A situation where prices of goods and services rise at the same time across different sectors of an economy.

Prices Rising

An increase in the general level of prices of goods and services in an economy over a period of time.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Market Basket

A collection of goods and services used to track price changes over time for the purpose of calculating inflation or cost of living adjustments.