Asked by Charley Stinespring on Apr 30, 2024
Verified
The more homogeneous are consumers' preferences, the less product variety will be observed.
Homogeneous Preferences
A situation in market analysis where consumers have similar tastes and preferences for goods or services.
Product Variety
Product Variety is the assortment of different goods and services that a company offers to meet consumer preferences and demands.
- Understand the correlation between the assortment of products, the well-being of consumers, and the behavior of markets.
Verified Answer
DS
Dylan SpeicherMay 06, 2024
Final Answer :
True
Explanation :
When consumers' preferences are more homogeneous, meaning they are more similar, there is less demand for a wide range of products, leading to less product variety being offered in the market.
Learning Objectives
- Understand the correlation between the assortment of products, the well-being of consumers, and the behavior of markets.
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