A Customer's Decision to Purchase One Product or Group of Products

question 18

Multiple Choice

A customer's decision to purchase one product or group of products over another is primarily a function of:

• A) the convenience of acquiring the product or group of products.
• B) how well that choice will fulfill that person's needs and satisfy his or her wants.
• C) the product's features relative to competing products.
• D) the product's price.
• E) the availability of the product or group of products.

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Definitions:

Contractionary Monetary Policy

Monetary policy measures undertaken by a central bank to reduce inflation and slow down economic growth by decreasing the money supply or increasing interest rates.

Minimum Wage

The lowest remuneration that employers can legally pay their workers, a rate which is set by government legislation.

Unemployment Rate

The segment of the labor force currently without employment but making efforts to find work.

Inflation Rate

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