Multiple Choice
Because services like cruises and car rentals are perishable, many marketers use which of the following strategies to maximize revenue?
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0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
A(n) market is a specific group of consumers that have similar wants and needs.
A
Target
B
Commodity
C
Monopoly
D
Labor
Verified step by step guidance1
Understand the definition of a market in microeconomics: it is a group of buyers and sellers of a particular good or service.
Recognize that the problem asks for a specific type of market characterized by consumers with similar wants and needs.
Recall that a 'Target market' refers to a specific group of consumers identified as the intended audience for a product or service based on shared characteristics.
Compare the options: 'Commodity market' refers to markets for raw materials, 'Monopoly' is a market structure with a single seller, and 'Labor market' involves the supply and demand for labor.
Conclude that the correct term describing a specific group of consumers with similar wants and needs is 'Target market'.
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