Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called?
Correct answer: B. specialty products
- A. custom products
- B. specialty products
- C. convenience products
- D. shopping products
Explanation
Specialty products have distinctive features or strong brand identification, and buyers are willing to make a special effort to obtain them. Convenience products, by contrast, are bought frequently with little comparison or effort.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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