The Frustrations Involved in Searching for Product Information Through Dealing

question 28

Multiple Choice

The frustrations involved in searching for product information through dealing with crowded stores,rude salespeople,and slow Web sites are referred to as the:

• A)delay costs of search.
• B)psychological costs of search.
• C)opportunity costs of search.
• D)interpersonal costs of search.

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Definitions:

Economic Profits

The variance between total income and total expenses of a business, factoring in both clear and hidden costs.

Constant-cost Industry

An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.

Industry Supply

The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.

Long-run Supply Curve

A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.