The Study of the Processes Involved When Individuals or Groups

question 59

Multiple Choice

The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and desires is called:

• A) market segmentation.
• B) relationship marketing.
• C) market research.
• D) consumer behaviour.

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Definitions:

Socially Optimal

A state of resource allocation that is most beneficial for society as a whole.

Equilibrium Outcome

The state in a market where supply equals demand, and there is no external pressure to change the price or quantity of goods and services.

Positive Externalities

Benefits that are enjoyed by a third-party or society at large as a result of an economic activity, without them directly paying for it.

Social Benefits

The advantages or positive effects that an action or policy has on society as a whole, including things like improved health, education, and welfare.