Unsought Products Are Products That the Customer Usually Buys Frequently

question 166

True/False

Unsought products are products that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.

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Definitions:

Total Revenue

The total income a firm receives from selling its products; calculated as the quantity sold multiplied by the price per unit.

Total Cost

The sum of fixed and variable costs incurred by a business in the production of goods or services.

Profit

The financial gain achieved when the revenue gained from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Economic Profit

The disparity between total income and total outlays, considering both manifest and concealed costs.