Opm 3000 Exam 2025 Questions and
Answers
Economic theory suggests that a customer chooses a product or service to obtain the highest
_________.
-demand
-supply
-utility
-satisfaction - ANS A customer chooses a product or service that gives him/her the highest
utility.
The set of products or services a business offers to its customers is called _________blank.
-demand
-bundle
-supply
-value - ANS Supply is the set of products or services offered by a business to its customers
A customer's desire for a product or service is measured by its _________.
-popularity
-costs
-utility
-advertisement - ANS According to economic theory, utility measures one's desire for a
product or service
Pg. 1 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
, The many flavors of ice-cream offered by ice-cream parlors are reflective of the _________ of
today's
-bargaining power
-homogeneous preferences
-heterogeneous preferences
-knowledge base - ANS The differences in customer preferences for the taste, color, or size
of a product or services are called heterogeneous preferences.
Economists refer to the inconvenience of obtaining a product or receiving a service as
_________.
-transaction costs
-fit
-timing
-unavailability - ANS Economists refer to the inconvenience of obtaining a product or
receiving a service as transaction costs
A restaurant promising a meal in two minutes or less is attempting to cater to which part of the
customer utility function?
-Timing
-Preference
-Ambience
-Fit - ANS Promising customers quick delivery is designed to appeal to the timing dimension
of customer utility.
Which of the following statements about a firm's capabilities is FALSE?
-A firm has capabilities to do well on some dimensions of its customers' utility function.
-A firm has capabilities to do well on all dimensions of its customers' utility function.
Pg. 2 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
Answers
Economic theory suggests that a customer chooses a product or service to obtain the highest
_________.
-demand
-supply
-utility
-satisfaction - ANS A customer chooses a product or service that gives him/her the highest
utility.
The set of products or services a business offers to its customers is called _________blank.
-demand
-bundle
-supply
-value - ANS Supply is the set of products or services offered by a business to its customers
A customer's desire for a product or service is measured by its _________.
-popularity
-costs
-utility
-advertisement - ANS According to economic theory, utility measures one's desire for a
product or service
Pg. 1 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
, The many flavors of ice-cream offered by ice-cream parlors are reflective of the _________ of
today's
-bargaining power
-homogeneous preferences
-heterogeneous preferences
-knowledge base - ANS The differences in customer preferences for the taste, color, or size
of a product or services are called heterogeneous preferences.
Economists refer to the inconvenience of obtaining a product or receiving a service as
_________.
-transaction costs
-fit
-timing
-unavailability - ANS Economists refer to the inconvenience of obtaining a product or
receiving a service as transaction costs
A restaurant promising a meal in two minutes or less is attempting to cater to which part of the
customer utility function?
-Timing
-Preference
-Ambience
-Fit - ANS Promising customers quick delivery is designed to appeal to the timing dimension
of customer utility.
Which of the following statements about a firm's capabilities is FALSE?
-A firm has capabilities to do well on some dimensions of its customers' utility function.
-A firm has capabilities to do well on all dimensions of its customers' utility function.
Pg. 2 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
