Which of the following best describes a credence good?
A)Products for which consumers can easily evaluate quality even after purchasing and using the product
B)Products for which consumers rely on other purchasers' experience before buying
C)Products for which consumers cannot easily evaluate quality even after purchasing and using the product
D)Products for which consumers always,or almost always,purchase with a warranty
E)None of the above

Question

Quizplus · Accepted Answer

Credence goods are products or services for which the quality cannot be easily evaluated even after purchase and consumption. Examples include medical procedures, legal advice, and car repairs. Consumers have to rely on the expertise and honesty of the providers, as they may not be able to fully understand the quality of the services they receive.

Which of the Following Best Describes a Credence Good