Bachelor of General Studies (BGS) Degree Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for your Bachelor of General Studies Degree Exam with targeted quizzes and resources. Test your readiness with a variety of question formats and detailed explanations. Maximize your exam potential today!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How can customers exercise their economic stakeholder power?

By participating in shareholder meetings.
By boycotting products if prices are too high.
By providing feedback on products.
By joining consumer advocacy groups.

The correct answer is: By boycotting products if prices are too high.

Customers can exercise their economic stakeholder power by boycotting products if prices are too high because this action directly impacts a company's revenue and market demand. When customers choose to avoid purchasing certain products, they send a message to the company regarding dissatisfaction with pricing or perceived value. This sort of collective withdrawal of support can compel businesses to reconsider their pricing strategies to retain customers, demonstrating the influence that consumers have in the market. Boycotting illustrates a form of economic protest; it uniquely empowers customers by allowing them to take action that can potentially lead to changes in corporate behavior. This response demonstrates the influence of consumer decisions on business practices and highlights how market dynamics can shift based on customer reactions.