Products That Consumers Are Willing to Pay More for Are

question 5

Multiple Choice

Products that consumers are willing to pay more for are called ________ products.

• A) cult
• B) limited
• C) staple
• D) routine

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Definitions:

SUVs

Sport Utility Vehicles, a category of motor vehicles that combine elements of road-going passenger cars with features from off-road vehicles, like raised ground clearance and four-wheel drive.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price during a specified time period.

Quantity Demanded

The quantity of a product or service that buyers are ready and capable of buying at a certain price.

Complements

Items or services that complement each other in such a way that a rise in demand for one results in a rise in demand for its counterpart.