When a Consumer Begins to Feel Dissatisfied with a Product

question 73

Multiple Choice

When a consumer begins to feel dissatisfied with a product or service recently purchased, the anxiety they feel is called:

• A) cognitive dissonance.
• B) functional fixedness.
• C) product revaluation.
• D) mental set.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.

Equilibrium Quantity

The amount of products or services available and sought after at the market's balance price.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where supply equals demand.

Excess Demand

A scenario in which the demand for a product or service surpasses the supply available at the existing price.