Which of the Following Is Not an External Factor Influencing

question 52

Multiple Choice

Which of the following is not an external factor influencing the purchase price? 

• A) Economic. 
• B) Socio-political. 
• C) Technological. 
• D) Logistics.

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Definitions:

Utility Function

A mathematical representation that relates the total utility an individual derives from consuming different bundles of goods and services.

Indifference Curves

A graphical representation showing combinations of goods that provide equal satisfaction and utility to a consumer.

Vertical Axis

In graphing, the y-axis, which typically represents the dependent variable or the quantity being measured.

Utility Function

A mathematical representation that shows the relationship between an individual's consumption bundle and the level of satisfaction or utility derived from it.