Regarding Product Classes

question 358

Multiple Choice

Regarding product classes,

• A) Business product classes are based on how buyers think about products and how the products will be used.
• B) Consumer product classes are based on how consumers think about and shop for products.
• C) The same product may be a consumer product and a business product.
• D) Products are classified by what type of customer will use them.
• E) All of these statements about product classes are true.

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Definitions:

Price Floor

A minimum price set by the government, below which the sale of a product is not allowed.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, aimed at protecting consumers from high prices.

Price Floor

A government-imposed minimum price below which a certain good or service cannot be sold, often set to protect producers or sectors.

Lobby

The act of attempting to influence the decisions of government officials, typically by special interest groups.