A Good with Qualities That Consumers Lack the Experience to Assess

question 267

Multiple Choice

A good with qualities that consumers lack the experience to assess without assistance is called

• A) a credence good.
• B) a search good.
• C) an experience good.
• D) a persuasive good.

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Definitions:

Managerial Accounting

A field of accounting focused on providing financial information within a company to assist in decision-making and strategy development.

Financial Accounting

The field of accounting concerned with the summary, analysis, and reporting of financial transactions pertaining to a business.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction.

Managerial Accounting

The practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals.