In a Consumer Situation, the Search May Be Internal or External

question 56

Multiple Choice

In a consumer situation, the search may be internal or external. Internal search involves which of the following?

• A)Asking friends, and peers about a product/service
• B)Involves a review of relevant information from memory
• C)Finding out about a product/service through salespeople
• D)Asking immediate family about a product

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Definitions:

Average Fixed Cost

The fixed costs of production (such as rent, salaries, and equipment) divided by the quantity of output produced.

Total Variable Cost

The sum of all variable costs (costs that vary with production volume) associated with producing a specific amount of a good or service.

Marginal Cost

The supplementary expense arising from creating another unit of a product or service.

Profit-Maximizing

The process or strategy of adjusting production levels, prices, or other variables to generate the highest possible profit.