A Customer Group That Involves Large Portions of the Population

question 34

Multiple Choice

A customer group that involves large portions of the population is referred to as a _____.

• A) niche market
• B) secondary market
• C) local market
• D) mass market

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Definitions:

Perfect Substitute

Goods that can be used in place of one another with no loss of utility for the consumer, indicating a one-to-one substitutability.

Utility Function

A mathematical representation that assigns a level of utility or satisfaction to different bundles of goods, allowing preferences to be compared quantitatively.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning that the consumer has no preference for one bundle over the other.

Apples

Commonly refers to the fruit of the apple tree, but in economic terms, it can represent a simple, tangible commodity for analysis.