Having an One, and Only One, Answer Option Available Per

question 16

Short Answer

Having an one, and only one, answer option available per respondent on a close-ended survey question means our item is __________ .

Understand consumer surplus and its implications on consumer satisfaction.

Recognize the impact of different pricing on consumer surplus and utility.

Analyze the concept of consumer rationality in utility theory.

Explain the paradoxes of value (e.g., water-diamond paradox) through marginal utility.

---

Definitions:

Minor Premise

In logic and syllogistic reasoning, this is the second statement of a traditional syllogism, which along with a major premise, leads to a conclusion.

Prestige Suggestion

A marketing or sales technique that associates a product or service with high status or exclusivity to attract customers.

Julia Roberts

An acclaimed American actress known for her roles in major films and her contributions to the entertainment industry.

Temporal-Based Suggestion

Recommendations or advice given that are influenced by or specifically relevant to time-based factors or periods.