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Which of the following statements is true? a. Consumers will buy a product only if its...

Which of the following statements is true? a. Consumers will buy a product only if its price is below that of its competitors. b. Input prices are one of the success factors that firms can control. c. Consumers will buy a product only if it meets a need not met by competing products. d. Sheer chance often plays a significant role in the success or failure of a business.

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Answer #1

Option C is correct

Consumers do compare prices but they can pay a higher price if this provides them additional utility in terms of some extra feature that goes missing in other brands or products. Price is one criterion but not the primary one. Also, success or failure of a business is not a matter of chance but other factors also play a role such as risk taking, entrepreneurship, etc.

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