When a Consumer Considers a Product or Service,he or She

question 61

Multiple Choice

When a consumer considers a product or service,he or she will choose whichever product or service delivers the highest ________.

• A) customer-perceived value
• B) customer-perceived cost
• C) consumer discount
• D) consumer relationship
• E) consumer synergy

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Definitions:

Producer Surplus

The difference between the actual price at which a producer sells a product and the minimum price they would be willing to accept, indicating producer gain.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Ice Cream

A frozen dessert made from dairy products, such as milk and cream, combined with flavors and sweeteners.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to market prices.