A Product Has Greater Place Utility for a Potential Customer

question 10

True/False

A product has greater place utility for a potential customer when it can be purchased with minimum risk and shopping time.

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Definitions:

Market Power

Refers to the ability of a company or firm to raise and maintain prices above the level that would prevail under competition.

Raise Price

The action of increasing the cost at which goods or services are sold, often to reflect increased costs or to improve profit margins.

Broadly Defined

Describes something that is regarded or classified in a very general and inclusive manner.

Substitutes

Goods or services that serve as alternatives to each other, where a rise in the price of one results in a higher demand for the other.