Which of the Following Is Used to Explain Why a Consumer's

question 299

Multiple Choice

Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?

• A)network externalities
• B)market failure
• C)diminishing marginal utility
• D)the income effect of a price change

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Definitions:

Next Customer

The following or upcoming client to be served or attended to in a service setting.

Probability

A measure of the likelihood that an event will occur.

Mutually Exclusive

Events or propositions that cannot both occur or be true at the same time.

P(A)

The probability of event A occurring in a given statistical experiment or context.