Convenience Products Are Products

question 156

Multiple Choice

Convenience products are products

• A) a consumer needs but is not willing to spend much time or effort shopping for.
• B) which consumers are aware of but not interested in.
• C) meant for use in producing other products.
• D) toward which consumer attitudes may be negative.
• E) that consumers want because they are easy to use or consume.

---

Definitions:

Prisoner's Dilemma

A fundamental problem in game theory showing that two individuals acting in their own self-interest do not produce the optimal outcome.

Game Theory

A branch of mathematics and economics that studies the strategic interaction among rational decision-makers, using models to predict outcomes in competitive situations.

Pure Strategy Equilibria

A game theory concept where each player chooses a single strategy that results in no player having an incentive to unilaterally change their choice.

Mixed Strategy

In game theory, a strategy in which a player employs a mix of actions with certain probabilities to make it impossible for opponents to predict their actions.