A Product Line Is a Group of Product or Service

question 320

Multiple Choice

A product line is a group of product or service items that are closely related because they satisfy a class of needs,are used together,are sold to the same customer group,and are distributed through the same type of outlets,or __________.

• A)are made of similar components
• B)fall within a given price range
• C)made from the same formulations
• D)are identical except for price
• E)require high levels of R&D

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Definitions:

Income

Money received, especially on a regular basis, from work, property, or investments.

Utility Function

A mathematical representation of a consumer's preference ordering over a set of goods or outcomes.

Consumption

The process of using goods and services to satisfy wants and needs.

Interest Rate

An interest rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan remaining.