When a Consumer's Willingness to Buy a Good or Service

question 98

Multiple Choice

When a consumer's willingness to buy a good or service is influenced by the number of people who have purchased that good or service, this is called

• A) a switching cost.
• B) an opportunity cost.
• C) a network effect.
• D) an advertising gimmick.

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Definitions:

Usonian Houses

A term coined by architect Frank Lloyd Wright to describe his vision for the United States of America, referring specifically to his design of affordable, practical homes.

Lower-Income

Referring to individuals or families that earn less revenue than the average in their society, often qualifying for certain types of government assistance.

O'Keeffe

An American artist, Georgia O'Keeffe, renowned for her large-format paintings of natural forms, especially flowers and landscapes.

New York, Night

A phrase evoking the vibrant nightlife and illuminated cityscape of New York City during the nighttime.