An Experience Good Is a Product

question 268

Multiple Choice

An experience good is a product

• A) with qualities that consumers lack the expertise to assess without assistance.
• B) that emphasizes the features of its product.
• C) with characteristics that enable an individual to evaluate the product's quality in advance of a purchase.
• D) that an individual must consume before the quality can be established.

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Definitions:

Convergent

Relating to or involving the coming together of lines, ideas, or pieces of information so they eventually merge.

Divergent Thinking

A mental approach or technique for producing innovative ideas through the examination of numerous potential answers.

Convergent

Thinking that involves bringing several pieces of information together to solve a problem or come to a single, correct answer.

Heuristic

A problem-solving approach that employs a practical method or various shortcuts to produce solutions that may not be perfect but are sufficient for the immediate goals.