Which of the Following Statements Is FALSE Regarding Consumer Decision

question 83

Multiple Choice

Which of the following statements is FALSE regarding consumer decision making?

• A) The basic consumer behavior consumption process revolves around value-seeking activities that consumers perform as they go about satisfying needs.
• B) Consumers always proceed through five steps in the decision making process.
• C) Choice does not necessarily mean identifying what brand of product to buy.
• D) Both utilitarian value and hedonic value are associated with consumer decision making.
• E) Almost all consumer decisions revolve around goal-pursuit.

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Definitions:

LRAC Curve

The Long-Run Average Cost curve, showing the lowest possible cost of producing different levels of output when all inputs are variable.

Increasing-Cost Industry

An industry where production costs increase as output grows, often due to resource limitations or regulatory constraints.

Decreasing-Cost Industry

An industry in which average costs of production decrease as the industry grows larger, often due to economies of scale.

Long-Run Equilibrium

A state in which all factors of production and markets in an economy are in balance, and all firms in the market are earning normal profits with no inclination to enter or exit the market.