The ________ Hierarchy of Effects Assumes the Consumer Does Not

question 90

Multiple Choice

The ________ hierarchy of effects assumes the consumer does not initially have a strong preference for one brand over another. Instead, a consumer acts on the basis of limited knowledge and then forms an evaluation only after the product has been purchased or used.

• A) experiential
• B) habitual
• C) low-involvement
• D) standard learning

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Definitions:

Equilibrium Level

The point at which market supply equals market demand, leading to a stable situation where there is neither excess demand nor excess supply.

Equilibrium Price

The price at which the quantity of a good or service supplied is equal to the quantity demanded, resulting in no net surplus or shortage in the market.

Natural Gas

A fossil fuel used as a source of energy for heating, cooking, and electricity generation, consisting primarily of methane.

Supply And Demand

The fundamental economic model that explains the interaction between the quantity of a good or service that producers wish to sell and the quantity that consumers wish to buy.