All of the Following Are Factors That Influence the Type

question 21

Multiple Choice

All of the following are factors that influence the type of criteria consumers use when evaluating alternatives EXCEPT _____.

• A) social influences
• B) financial resources
• C) product knowledge
• D) expert opinions
• E) situational influences

---

Definitions:

Monopolistically Competitive

A scenario where numerous companies compete in the same industry by offering slightly unique products or services, giving consumers choices.

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly as its price changes.

Industry Entry

The process by which a new competitor enters an existing market, often influenced by barriers to entry and initial costs.

Price Elasticity

A measure of how much the demand for a product changes in response to a change in price, indicating the sensitivity of consumers to price changes.