A Physiological or Psychological Dependency on a Product or Service

question 20

Multiple Choice

A physiological or psychological dependency on a product or service is called a ________.

• A)want
• B)consumer addiction
• C)need
• D)specialty product

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Definitions:

Consumer Surplus

The difference between the highest price a consumer is willing to pay and the actual price they pay in the market.

Market Demand

The total amount of a product or service that consumers in a market are willing and able to purchase at a given price level in a given time period.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the price they actually pay.

Consumer Surplus

The contrast between the fee consumers are inclined to pay for a good or service and the fee they ultimately pay.