Consumers Are More Likely to Perceive the Value of a Product

question 16

Multiple Choice

Consumers are more likely to perceive the value of a product to be less than its cost if:

• A)the product's price is set too high in their minds.
• B)the product's manufacturer gains very little profit from the product.
• C)the product has an inelastic demand.
• D)the product's demand and supply attain the state of price equilibrium.

---

Definitions:

Invention

The creation of a new device, method, or process resulting from study and experimentation.

Race

A social construct used to categorize humans based on physical characteristics, ancestry, and genetics, often leading to disparities and discrimination.

Africans

Refers to people originating from or associated with the continent of Africa.

Skin Color

A physical characteristic determined by the amount and type of melanin in the skin, which has been a basis for social classification and discrimination.