A Newly Invented Apple Peeling and Coring Machine for the Consumer

question 129

Multiple Choice

A newly invented apple peeling and coring machine for the consumer market would be considered a(n)

• A)shopping product.
• B)convenience product.
• C)specialty product.
• D)unsought product.
• E)discretionary product.

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Definitions:

Lemon Laws

Lemon laws are consumer protection laws that offer remedies to buyers of cars and other consumer goods in order to compensate for products that repeatedly fail to meet standards of quality and performance.

Adverse Selection

A situation in consumer choice in which asymmetric information leads to the selection of undesirable alternatives by one party.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire, providing compensation to policy holders for the repair or replacement of affected property.

Low-risk

Refers to investments or economic decisions that have a low probability of resulting in financial loss.