The Manner in Which a Consumer Good Is Classified Depends

question 99

Multiple Choice

The manner in which a consumer good is classified depends on the individual.One person may view a camera as a ________ and visit several stores before deciding on a brand,whereas a friend may view cameras as a _________ and will only buy a Nikon.

• A)shopping good; specialty good
• B)convenience good; specialty good
• C)specialty good; prestige good
• D)prestige good; unsought good

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Definitions:

Instrument

A formal legal document that grants rights, imposes duties, or records a transaction, such as a contract, will, or deed.

Variable Interest

An interest rate that can fluctuate over time, often based on a standard financial index, in contrast to a fixed interest rate.

Revised Article 3

Refers to the updated section of the Uniform Commercial Code (UCC) that governs negotiable instruments, including the processes for issuing, transferring, and enforcing such documents.

Negotiable

Capable of being transferred or endorsed from one party to another in accordance with the law, generally referring to legal documents like checks.