A Product

question 228

Multiple Choice

A product

• A)consists of the benefits or customer value received by its sellers.
• B)is the cluster of benefits that an organization promises customers to satisfy their needs.
• C)is a good,service,or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.
• D)consists of items that the consumer purchases frequently,conveniently,and with a minimum of shopping effort.
• E)is the set of intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

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Definitions:

Price Effect

The price effect describes how changes in price influence the quantity demanded or supplied in the market.

Oligopolist

A market participant in an oligopoly, a market dominated by a small number of firms.

Production Decision

The determination made by a firm regarding the quantity of goods or services to be produced, based on factors like cost of production, market demand, and competition.

Output Effect

The impact on the total production/output of a firm or economy as a result of changing price levels, often referring to the relationship between price changes and quantity supplied.