Which of the Following Is True with Respect to Buyers

question 103

Multiple Choice

Which of the following is true with respect to buyers in business markets?

• A) Business buyers always act rationally when making purchases for their company.
• B) Business customers tend to be less informed about the products they purchase than consumer buyers.
• C) Business customers demand detailed information about a product's functional features and technical specifications.
• D) Business customers are no different than buyers in consumer markets.
• E) Business customers tend to buy products from their friends and contacts with business suppliers.

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Definitions:

Unregulated Monopolist

A monopoly that operates without government regulation, potentially leading to unfair pricing and poor service.

Market Efficiency

A condition where all available information is already reflected in asset prices, and it's impossible to achieve consistently higher returns.

Competitive Price-Taker

A market participant that accepts prevailing market prices without having the influence to alter them, typically due to the presence of numerous sellers and buyers.

Cost Curves

Graphical representations that show how the cost of producing a good or service varies with the quantity produced.