If a Consumer Product Is Used Regularly and Usually Bought

question 15

Multiple Choice

If a consumer product is used regularly and usually bought frequently and routinely with little thought (although branding may be important) ,the product is a

• A)routine product.
• B)specialty product.
• C)homogeneous shopping product.
• D)staple product.
• E)casual product.

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Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Quantity Supplied

The total amount of a good or service that sellers are willing and able to sell at a given price over a specified period.

Excess Demand

A situation where the quantity of a good or service demanded exceeds the quantity supplied at a given price, often leading to shortages.

Price Floor

A government or regulatory minimum price set above the equilibrium price, intended to protect producers.