What Is the Term for Things That Must Be Forgone

question 118

Multiple Choice

What is the term for things that must be forgone to acquire a good

• A)substitutes
• B)opportunity costs
• C)explicit costs
• D)competitors

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Definitions:

Value

The importance, worth, or usefulness of something to a person or in the market.

Quality

The degree to which a product or service meets or exceeds customer expectations in terms of reliability, design, functionality, durability, and satisfaction.

Long-Term Customer Relationships

The development and maintenance of enduring relationships between a business and its customers, leading to repeat business and loyalty.

Types of Utility

The different ways in which goods or services can provide value to consumers, including form, time, place, and possession utility.