A Product Line Is a Group of Product or Service

question 204

Multiple Choice

A product line is a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or

• A)are made of similar components.
• B)fall within a given price range.
• C)are made from the same formulations.
• D)are identical except for price.
• E)require high levels of R&D.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, which reflects the cost of borrowing or the return on savings.

Utility Function

A mathematical representation that ranks an individual's preferences over a set of goods and services, aiming to measure satisfaction or happiness.

Consumption

Households' utilization of goods and services.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money they borrow from a lender.