When a Message Is Being Heard or Seen by a Consumer

question 56

Multiple Choice

When a message is being heard or seen by a consumer, what is taking place?

• A)Encoding
• B)Transmission
• C)Decoding
• D)Feedback

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Definitions:

Even Dollar Increments

A pricing strategy where goods or services are priced in whole dollar amounts rather than including cents.

Complete Stranger

A person whom one does not know or with whom one is not familiar.

Expected Loss

The predicted amount of loss a business might suffer due to risks, calculated as the sum of all possible losses multiplied by their respective probabilities.

Weak Axiom

A principle used in consumer choice theory that stipulates if a consumer chooses bundle A over bundle B when both are affordable, then the consumer should not choose B over A when prices change, holding income constant.