Consumer Surplus

question 12

Multiple Choice

Consumer surplus

• A)will definitely be low for inexpensive goods.
• B)will definitely be high for inexpensive goods.
• C)will definitely be low for expensive goods.
• D)will definitely be high for expensive goods.
• E)may be low or high for any type of good, expensive or inexpensive, depending on the characteristics of demand.

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Definitions:

The Close

Refers to the point in a sales process where a salesperson convinces the client to make a purchase.

The Pre-Approach

A step in the sales process involving research and planning before making direct contact with a potential customer.

Desired Action

The specific behavior or response a marketer aims to elicit from the target audience.

Purchase Satisfaction

A measure of how pleased a customer is with a purchased product or service and the buying experience.