Which of the Following Best Describes a Credence Good

question 28

Multiple Choice

Which of the following best describes a credence good?

• A)Products for which consumers can easily evaluate quality even after purchasing and using the product
• B)Products for which consumers rely on other purchasers' experience before buying
• C)Products for which consumers cannot easily evaluate quality even after purchasing and using the product
• D)Products for which consumers always,or almost always,purchase with a warranty
• E)None of the above

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Definitions:

Supply Chain

The network of all the individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and eventually to the customer.

Decision-making Framework

A structured approach or set of guidelines to navigate and systematically make decisions, often involving identifying options, analyzing consequences, and selecting the best course of action.

Four Major Drivers

Refers to the primary forces or factors that drive decision-making, strategy, and success in businesses or other organizations, though the specific drivers can vary by context.

Absentee Landlord

A property owner who does not live on-site or participate actively in managing their rental property.