The Set of Alternatives of Which a Consumer Is Aware

question 112

Multiple Choice

The set of alternatives of which a consumer is aware is called the _____.

• A) universal set
• B) consideration set
• C) inert set
• D) complete set
• E) awareness set

---

Definitions:

Substitutes

Products or services that can be used in place of another, fulfilling a similar need or purpose for the consumer.

Costs Of Underpricing

Financial losses incurred when a product or service is sold for less than its market value or cost of production, often used as a strategy to enter new markets or increase market share.

Costs Of Overpricing

Consequences of setting a sale price too high, leading to reduced sales volume, customer dissatisfaction, and competitive disadvantages.

Demand

The level of demand for goods or services that individuals are eager and able to fulfill at various pricing tiers throughout a specific duration.