The Text's Business Product Classes Are Based On

question 210

Multiple Choice

The text's business product classes are based on:

• A) how buyers think about products and how they will be used.
• B) how consumers think about and shop for products.
• C) a buyer's price sensitivity.
• D) a buyer's willingness to search.
• E) none of these alternatives is a good answer.

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Definitions:

Consumption

The use of goods and services by households or individuals, typically relating to how these actions affect economic demand.

Market Demand

The total amount of a product or service that all consumers in a market are willing and able to purchase at various prices.

Individual Demands

The demand for goods and services by an individual consumer, based on their preferences, income, and prices.

Marginal Utility

The additional satisfaction or value a consumer gains from consuming one more unit of a good or service.