A ________ Is Typically a Nondurable Good or Service That

question 26

Multiple Choice

A ________ is typically a nondurable good or service that consumers purchase frequently with a minimum of comparison and effort.

• A)homogeneous product
• B)specialty product
• C)generic product
• D)convenience product
• E)shopping product

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Definitions:

Positive Economics

A branch of economics that focuses on objective analysis and the description of how the economy functions, as opposed to normative economics that involves value judgments.

Normative Economics

An area of economics that makes assessments of economic fairness or desired economic outcomes and aims of public policy.

Consequences

The outcomes or effects resulting from a particular action or set of conditions.

Negative Relationship

A relationship between two variables, X and Y, in which a decrease in X is associated with an increase in Y and an increase in X is associated with a decrease in Y.