Steven Has an Urge to Buy a Magnum Ice Cream

question 47

Multiple Choice

Steven has an urge to buy a Magnum ice cream when he enters the neighbourhood convenience store.What would be the best term to describe Steven's buying situation?

• A)Unplanned buying
• B)Impulse buying
• C)Demand-enhanced buying
• D)Planned buying

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Definitions:

Providing Externalities

The act of producing results (positive or negative) that affect third parties who are not directly involved in the economic transaction.

Promoting Competition

Strategies and policies implemented to encourage rivalry among businesses, aimed at improving quality, lowering prices, and fostering innovation.

Public Goods

Public goods are commodities or services that are made available to all members of a society, typically free of charge, by the government or a not-for-profit organization, and are characterized by non-excludability and non-rivalrous consumption.

Gross Domestic Product

The total value of all goods and services produced over a specific time period within a country's borders.