The answer to the blank space is credence attribute. Credence attribute refers to how a good or service cannot be evaluated by consumers even after using it – even though the consumers feels the perceived value.
In the example of the question, Eric clearly doesn’t quite understand the expertise of the surgeon and is unable to evaluate it but nevertheless he benefits from it through his hernia surgery.
Answer:
Special revenue fund.
Explanation:
A special revenue fund is a government account created to collect money that is used for an specific purpose or project. The money collected by this type of account can only be used for the specific purpose for which it was established.
In this case, the revenue collected from the gasoline tax can only be used for highway construction and maintenance.
Answer:
Explanation: The 5 P's of Marketing – Product, Price, Promotion, Place, and People – are key marketing elements used to position a business strategically.
Answer: Higher price of bicycles
Explanation: Higher steel prices will lead to a rise in the input cost of the producers of bicycles. As a result of this, the supply for bicycles will decline shifting the supply curve upward to the left. With no information given about change in the demand for bicycles, the demand curve will not change.
The net effect will be an increase in the price of bicycles.