External Search Effort Associated with Purchase Is Greatest When ________

question 23

Multiple Choice

External search effort associated with purchase is greatest when ________.

• A) consumers have high product category knowledge
• B) consumers do not care about the purchase
• C) the purchase situation is low-risk
• D) product category knowledge is low
• E) subjective knowledge is high

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Definitions:

Market Equilibrium

A situation in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, typically set below the equilibrium price.

Shortage

A situation in which the demand for a product or service exceeds the supply available at a particular price.

Non-price Factors

Variables other than price that affect the demand and supply of goods and services, such as consumer preferences, income, and technology.