Behavioral Economists Suggest That the Reason Why Many Consumers Tend

question 129

Multiple Choice

Behavioral economists suggest that the reason why many consumers tend to stick to one brand in things that they often buy, like food items, is people's tendency to have the

• A)anchoring effect.
• B)mental accounting effect.
• C)status quo bias.
• D)confirmation bias.

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Definitions:

Consistency

The quality of always behaving or performing in a similar way, or of always producing the same results.

Validity

The extent to which a test or instrument measures what it claims to measure.

Core Concepts

Fundamental ideas or principles that are the building blocks in any field of study or knowledge.

Accumulated Knowledge

The body of information and understanding one has gained over time through experiences, education, and observations.