What Is the Term for a Characteristic That Can Be

question 160

Multiple Choice

What is the term for a characteristic that can be easily assessed prior to purchase,such as the softness of a mattress or the colour of curtains?

• A)search quality
• B)intangible attribute
• C)experience quality
• D)heterogeneity feature

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Definitions:

Budget Set

The collection of all possible bundles of goods and services that a consumer can afford given their income and the prices of goods.

Interest Rate

The amount of a loan that is subject to interest charges for the borrower, typically expressed as an annual percentage of the current loan balance.

Consumption

Households' practice of using goods and services.

Interest Rate

The interest rate is the percentage of a sum of money charged for its use, determining the cost of borrowing or the reward for saving.