According to the Text, Consumer Preference Isn't Based on Taste

question 128

Multiple Choice

According to the text, consumer preference isn't based on taste alone. Consumers attach ________ to brands and develop ________ that go beyond a product's physical attributes.

• A)value; choices
• B)meaning; relationships
• C)benefits; alliances
• D)labels; lists
• E)names; icons

---

Definitions:

Snow-clearing

The process of removing snow from surfaces like roads and walkways to ensure safe passage and transportation.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.

Optimal Output Rule

The principle that profit is maximized by producing the quantity of output at which the marginal revenue of the last unit produced is equal to its marginal cost.

Marginal Revenue

The additional income earned by a company from selling one more unit of a good or service, reflecting the benefit of increased production.