Which of the following statements about economic needs is true?

A) Economic needs refer to the buyer's need to purchase the most satisfying product for the money.
B) Economic needs are rarely considered during times of economic recession.
C) Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available.
D) Economic needs are unimportant to most consumers.
E) A product priced higher than the competition's is doomed to failure because it satisfies no economic need.

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Michael Ubriaco · Accepted Answer

Final Answer : A, Explanation :  Economic needs refer to the desire to obtain the best value for money spent, which includes purchasing the most satisfying product within one's budget. This concept does not imply buying the cheapest item or ignoring economic needs during recessions, nor does it suggest that higher-priced products cannot succeed in the market.

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