A Consumer Selects a Brand That Performs Best on the Most

question 30

Multiple Choice

A consumer selects a brand that performs best on the most important attribute for that product. This is the result of which decision rule?

• A) lexicographic rule
• B) elimination-by-aspects rule
• C) conjunctive rule
• D) attribute preference rule

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Definitions:

Substitutes

Alternate products or services that can satisfy the same consumer need, allowing consumers to switch between them based on preference, price, or availability.

Cross-price Elasticity

A measure of how the demand for one good responds to a change in the price of another good, indicating substitutes or complements.

Complements

Goods or services that are used together, such that an increase in demand for one leads to an increase in demand for the other.

Price Decrease

A decline in the cost of a good or service in the market.