Which of the Following Statements Is Most Accurate

question 321

Multiple Choice

Which of the following statements is most accurate?

• A)For some products, price influences the perception of overall quality, and ultimately value, to consumers.
• B)A consumer's view of a product's value is always tied to quality.
• C)A consumer's view of value is a function of their education and upbringing.
• D)Price plays only a small part in a consumer's value of a product or service.
• E)Price plays a large role in assessing value but plays a very minor role in assessing quality.

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Definitions:

Cost

The amount of money or resources expended to acquire an asset, produce a product, or provide a service.

Markup Percent

The additional percentage on the base cost of merchandise to accommodate for overhead and yield profit.

Selling Price

The amount of money for which a product or service is sold to the customer.

Cost

The amount of money required to purchase, produce, or maintain something.