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Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?
Assertion (A): A product may be both a consumer good and an industrial good at the same time.
Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.
- a)(A) is true, but (R) is false.
- b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).
- c)Both (A) and (R) are true, and (R) is the correct explanation of (A).
- d)(A) is false, but (R) is true.
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Direction: In the questions given below are two statements labelled as...
The correct answer is Option 1: (A) is true, but (R) is false.
A product may be both a consumer good and an industrial good, depending on its intended use. A product can be classified as a consumer good when it is purchased by the final customer for personal use, while it may be classified as an industrial good if it is purchased by another firm in order to produce or resell a different product. However, the classification of a product as a convenience good, shopping good, or speciality good depends on the individual purchaser rather than the nature of the product itself.
Most Upvoted Answer
Direction: In the questions given below are two statements labelled as...
Understanding the Assertion and Reason
The given statements consist of an Assertion (A) and a Reason (R). Let’s analyze both to understand their validity and relationship.
Assertion (A): A product may be both a consumer good and an industrial good at the same time.
- This statement is true.
- For example, a product like a computer can be used by individuals for personal use (consumer good) and by businesses for operational purposes (industrial good).
Reason (R): A product that is a convenience good to one person may be a shopping good or specialty good to another person.
- This statement is also true.
- The classification of goods can vary based on individual consumer perceptions and usage. For instance, coffee might be a convenience good for a daily drinker but considered a specialty good for someone who only buys premium brands for special occasions.
Relationship Between A and R
- While both statements are true, the reason (R) does not correctly explain the assertion (A).
- The reason is focused on the subjective nature of consumer perceptions regarding classifications of goods, which does not directly address how a product can simultaneously serve as both a consumer and an industrial good.
Conclusion
Given these analyses, the correct answer is option b: Both (A) and (R) are true, but (R) is not the correct explanation of (A).
The given statements consist of an Assertion (A) and a Reason (R). Let’s analyze both to understand their validity and relationship.
Assertion (A): A product may be both a consumer good and an industrial good at the same time.
- This statement is true.
- For example, a product like a computer can be used by individuals for personal use (consumer good) and by businesses for operational purposes (industrial good).
Reason (R): A product that is a convenience good to one person may be a shopping good or specialty good to another person.
- This statement is also true.
- The classification of goods can vary based on individual consumer perceptions and usage. For instance, coffee might be a convenience good for a daily drinker but considered a specialty good for someone who only buys premium brands for special occasions.
Relationship Between A and R
- While both statements are true, the reason (R) does not correctly explain the assertion (A).
- The reason is focused on the subjective nature of consumer perceptions regarding classifications of goods, which does not directly address how a product can simultaneously serve as both a consumer and an industrial good.
Conclusion
Given these analyses, the correct answer is option b: Both (A) and (R) are true, but (R) is not the correct explanation of (A).
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Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer?
Question Description
Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer?.
Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer?.
Solutions for Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct?Assertion (A): A product may be both a consumer good and an industrial good at the same time.Reason (R): A product that is a convenience good to one person may be shopping good or speciality good to another person.a)(A) is true, but (R) is false.b)Both (A) and (R) are true, but (R) is not the correct explanation of (A).c)Both (A) and (R) are true, and (R) is the correct explanation of (A).d)(A) is false, but (R) is true.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.
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