A Characteristic That Consumers May Have Difficulty Assessing Even After

question 83

Multiple Choice

A characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience is referred to as _____ quality.

• A) search
• B) experience
• C) credence
• D) abstract
• E) inert

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Definitions:

Business Production

Activities involved in the creation of goods and services to meet consumer demand.

Employment

The state of having paid work, where an individual offers their skills and labor in exchange for compensation.

Aggregate Supply Curve

A graph that shows the relationship between the overall price level in an economy and the total output produced by firms at different price levels.

Resource Costs

Expenses associated with the acquisition of resources needed for production, including materials, labor, and capital.