Which of the Following Statements Best Defines Consumer Needs and Wants

question 14

Multiple Choice

Which of the following statements best defines consumer needs and wants?

• A) Needs are far more influential than wants with respect to marketing decision making.
• B) Wants affect marketing decisions primarily for planned purchases while needs affect marketing decisions primarily for impulse purchases.
• C) Wants occur when a person feels deprived of basic necessities such as food, clothing, and shelter while needs are determined by a person's knowledge, culture, or personality.
• D) Needs occur when a person feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a person's knowledge, culture, or personality.
• E) Needs and wants are exactly the same.

Calculate equilibrium price and quantity in the presence and absence of government interventions.

Evaluate the economic effects of different government policies on producer and consumer welfare.

Interpret supply and demand equations to determine market outcomes.

Understand the concept of producer and consumer surplus, and calculate changes in these surpluses due to market interventions.

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