Product That Has Tangible Attributes That a Consumer's Five Senses

question 109

Multiple Choice

product that has tangible attributes that a consumer's five senses can perceive is referred to as a(n)

• A) service.
• B) product concept.
• C) good.
• D) new idea.
• E) artifact.

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Definitions:

Public Bureaucracies

Complex structures in government that manage policies and administer public services through a fixed set of rules and procedures.

Competitive Market Pressures

Forces within a free market that influence companies to improve products, lower prices, and become more efficient to stay competitive.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to all members of society and one person's use does not diminish another's.

Private Goods

Products and services that are excludable and rivalrous, meaning only paying customers can consume them, and one person's consumption prevents another's.