When Consumers Learn About One Seller at a Time It

question 1

Multiple Choice

When consumers learn about one seller at a time it is known as a :

• A)Simultaneous search
• B)Parallel search
• C)Serial search
• D)Sequential search
• E)Divided search

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Definitions:

Marginal Cost

The escalation in aggregate cost stemming from the production of one more unit of a good or service.

Business Tax

Taxes imposed on the income or profit of businesses, varies by country and the type of business.

Demand Curve

A graphical representation of the quantity of a good or service demanded by consumers at various prices, typically downward sloping indicating an inverse relationship between price and quantity demanded.

Average Revenue Curve

A graphical representation showing how the average revenue per unit sold changes with changes in the quantity of the product sold.