At the Output Level Corresponding to the Efficient Quantity of a Good

question 1

Multiple Choice

At the output level corresponding to the efficient quantity of a good,

• A)the value of the last unit can be negative for some consumer
• B)the value of the last unit to some consumer equals the minimum price some seller must receive for producing it
• C)the distribution of the good is fair
• D)the minimum price some consumer must pay for the last unit equals the value of the unit to some producer
• E)the price is the lowest that a typical firm would ever be willing to accept

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Definitions:

Psychographics

Used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlying psychological reasons determine those choices.

Demographic Changes

Alterations in the statistical characteristics of a population over time, including age, gender, income levels, etc.

Scarce Incomes

The condition where available financial resources are insufficient to meet the needs or wants of individuals or communities.

Psychographic Segmentation

A marketing technique involving division of a market into segments based on consumer personality traits, values, attitudes, interests, or lifestyles.