Recency Refers to The

question 57

Multiple Choice

Recency refers to the:

• A) percentage of customers who do not return during the next year after an initial purchase.
• B) time elapsed since the last visit made by a customer.
• C) percentage of existing customers who continue to buy on a regular basis.
• D) percentage of customers who return to the site within a year to make additional purchases.

---

Definitions:

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Optimal Choice

The best possible decision or selection, based on a specific set of criteria, that maximizes efficiency, benefit, or utility.

Marginal Rate

The amount of change in one variable due to a unit change in another, commonly used in contexts like taxation or economic production.

Price Ratio

The proportion between two prices, reflecting how many units of one good or service can be exchanged for one unit of another good or service.