Andy Can't Make a Deal with Danny

question 24

Multiple Choice

Andy can't make a deal with Danny. Andy has a Alex Rodriguez baseball card and would like to trade it to Danny for Danny's Albert Pujols card, but Danny doesn't want a Alex Rodriquez card. Andy's problem illustrates the drawback to a barter system known as

• A)the specialization problem.
• B)the double coincidence of wants problem.
• C)the many prices problem.
• D)the transactions problem.

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Definitions:

Buyer Persona

A semi-fictional representation of your ideal customer based on market research and real data about your existing customers.

Customer Demographics

The statistical characteristics of a business's customers, including age, gender, income level, education, and other factors useful for market segmentation and targeting.

Psychographics

Psychographics pertain to the study of consumer behavior based on psychological traits, lifestyle choices, and personal values to inform marketing strategies.

Market

A place where people can sell goods and services (the supply) to people who wish to buy those goods and services (the demand).