Correct Answer: Introduction of a new technique that makes the production of that commodity cheaper

Solution : A new technique that makes it cheaper to produce the goods best explains a shift to the right in the market supply curve. A shift to the right in the supply curve, such as from new manufacturing technology, results in a lower equilibrium price and a higher quantity.

Correct Answer: Lodge a complaint with the District Consumer Disputes Redressal Forum.

Solution : The correct answer is (b) Lodging a complaint with the District Consumer Disputes Redressal Forum.

The District Consumer Disputes Redressal Forum is the appropriate authority to address consumer complaints and disputes, including issues with defective products. They can help resolve the matter, and in many cases, they may rule in favor of the consumer, ensuring that the store follows consumer protection laws.

Correct Answer: The responsiveness of demand to changes in consumer income.

Solution : The correct answer is (c) The responsiveness of demand to changes in consumer income.

Income elasticity of demand measures the sensitivity or responsiveness of the quantity demanded of a good or service to changes in consumer income. It helps businesses understand how changes in consumer income levels can affect the demand for their products or services.

By analyzing income elasticity of demand, businesses can determine whether their goods or services are normal goods, inferior goods, or luxury goods. 

If the income elasticity of demand is positive, it indicates that the good is a normal good, meaning that as consumer income increases, the demand for the good also increases. 

 If the income elasticity of demand is negative, it indicates that the good is an inferior good, meaning that as consumer income increases, the demand for the good decreases. Inferior goods are often replaced with higher-quality substitutes as income rises.

If the income elasticity of demand is greater than 1, it suggests that the good is a luxury good, meaning that the demand for the good increases at a proportionately higher rate than income.

Understanding the income elasticity of demand helps businesses make informed decisions about product development, pricing strategies, marketing efforts, and target markets based on changes in consumer income levels.

Correct Answer: Lodge a complaint with the District Consumer Disputes Redressal Forum.

Solution : The correct answer is (b) Lodge a complaint with the District Consumer Disputes Redressal Forum.

In this situation, where the consumer purchased a set of expensive speakers that stopped functioning shortly after purchase and the store refused a replacement based on a policy, the consumer can typically lodge a complaint with the District Consumer Disputes Redressal Forum. These forums handle consumer complaints and disputes, and they can help in resolving issues related to defective or non-functional products. It's important for consumers to be aware of their rights and pursue a resolution through the appropriate consumer forum.

Correct Answer: Both statements are incorrect.

Solution : The correct answer is (c) Both statements are incorrect.

Statement 1 is incorrect. The selling concept primarily focuses on short-term sales and transactions rather than building long-term customer loyalty. It often involves aggressive sales tactics to close deals.

Statement 2 is false. The marketing concept does not solely rely on aggressive advertising for sales. The marketing concept involves understanding customer needs, creating valuable products or services, and effectively promoting them, considering a holistic approach to meet both customer satisfaction and business goals.

Therefore, statement 1 is incorrect, and statement 2 is false.

Correct Answer: Assessing the bias and perspective of the reports
 

Solution : Assessing the bias and perspective of the reports is a key methodology for analyzing newspaper reports as a source of history, as it helps in understanding the context and intentions behind the information presented.

Correct Answer: Selling Concept

Solution : The correct answer is (c) Selling Concept.

The Selling Concept is a marketing philosophy that centers on aggressive sales and promotional efforts to convince customers to purchase a company's products or services. The belief behind this concept is that customers won't buy enough unless a significant sales and promotional push is applied to stimulate demand and drive sales. The primary goal is to sell what the company produces, often with less consideration for customer needs or value, hence the emphasis on aggressive selling and promotional efforts.

Correct Answer: Assertion is true, but the reason is false.

Solution : The correct answer is (c) Assertion is true, but the reason is false.

The marketing concept is a customer-centered approach to marketing that focuses on identifying and satisfying customer needs. It is based on the idea that businesses should create and deliver products and services that customers want and need, rather than simply trying to sell them products and services that the business has to offer.

The reason given for the assertion, that the marketing concept is solely concerned with advertising and promotional activities, is false. Advertising and promotion are important aspects of marketing, but they are not the only ones. The marketing concept also encompasses other activities such as market research, product development, pricing, and distribution.

Correct Answer: Lack of Credibility

Solution : The correct answer is (a) Lack of Credibility.

By providing specific and factual information about their products, including detailed specifications and performance data, ABC Electronics aims to enhance the credibility of their advertisements. This approach ensures that consumers have accurate and transparent information to evaluate the product's features and capabilities, minimizing skepticism about potential exaggerations or deceptions often associated with advertising. Providing factual and detailed data builds trust with the audience and strengthens the credibility of the advertised claims.