A(n)________ Need Is a Need That the Consumer Explicitly Verbalizes

question 74

Multiple Choice

A(n) ________ need is a need that the consumer explicitly verbalizes.

• A) stated
• B) real
• C) unstated
• D) delight
• E) secret

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Definitions:

Buyers

Individuals or entities that purchase goods or services for personal use, resale, or production.

Income Elasticity of Demand

A measure of how the quantity demanded of a good changes in response to a change in consumers' income.

Inferior Good

A type of good whose demand decreases as the income of consumers increases, contrasting with normal goods.

Supply

The total amount of a good or service that is available for purchase at any given price.