There Are Several Reasons Why a Consumer Would Be Reluctant

question 37

Multiple Choice

There are several reasons why a consumer would be reluctant to purchase a new product.For example,a consumer might be reluctant to adopt a new product because of a psychological barrier,which occurs when __________.

• A)there is no incentive to change
• B)there are physical,economic,or social risks
• C)the product is not consistent with existing habits
• D)the financial commitment is too great
• E)it affects one's image

Understand and apply Monte Carlo simulation in business scenarios.

Analyze inventory and order policies for optimal operations.

Calculate and interpret average times in queueing systems.

Develop random number intervals based on probability distributions.

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Definitions:

Resale Price Maintenance

A practice where a manufacturer or wholesaler controls the retail price at which products are sold by retailers, often to maintain brand image or prevent price wars.

Anticompetitive Effects

Refer to actions or outcomes that reduce competition in a market, leading to less consumer choice and possibly higher prices.

Lawful

Conforming to, permitted by, or recognized by law and regulations.

Sherman Act

A landmark federal statute in the United States antitrust law passed by Congress in 1890 that prohibits monopolistic practices and promotes competition.