A Consumer Who Makes the Purchase Decision Based on Price

question 85

Multiple Choice

A consumer who makes the purchase decision based on price is called:

• A) promotion-prone
• B) brand-loyal
• C) repeat buyer
• D) price-sensitive

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Definitions:

Federal Trade Commission

A U.S. federal agency responsible for enforcing laws against deceptive or unfair business practices.

Antitrust Conviction

A legal judgment against a company or individual for violating laws intended to prevent anti-competitive behaviour and promote fair market competition.

Monopoly Power

The ability of a single supplier in a market to dictate prices and control output, usually due to the lack of competition.

Sherman Act

A landmark federal statute in the United States antitrust law passed by Congress in 1890 to prohibit monopolies and foster competition.