The Overwhelming Response by Bargain-Hunting Consumers to Groupon's Online Deals

question 360

Multiple Choice

The overwhelming response by bargain-hunting consumers to Groupon's online deals is an example that demonstrates the change in consumption orientation known as

• A)the quality-value proposition.
• B)buyer-centric excellence.
• C)value consciousness.
• D)customer value.
• E)purchasing value.

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Definitions:

Competitive Price-Searcher

A type of market structure where firms set their prices based on the competition and search for the best price to maximize their profits.

Long-Run Economic Profits

Profits that persist over time after all costs, including opportunity costs, are taken into account, indicating a competitive advantage.

Industry Equilibrium

A state where industry supply equals demand, leading to stability in prices and quantities produced and consumed.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating a firm's surplus beyond the normal profit level.