ENERGY BAR SCENARIO Nutrition Labels on Products Provide Considerable Information for Consumers. for for Consumers

question 93

Multiple Choice

ENERGY BAR SCENARIO
Nutrition labels on products provide considerable information for consumers. For example, a consumer deciding among the many brands of energy bars might compare three offerings: Crayton Bar, Goodie-meal Bar, and Snacky-Bar. The most important attribute for this consumer is protein content, followed by calories, taste, sugar, price and fat content. This consumer would like an energy bar with high-protein content but low in calories, sugar, fat, and price, and also one that tastes good. Information for all the attributes is found on the product nutrition label except for the taste attribute. This information is summarized in the following table:

-Refer to Energy Bar Scenario.The consumer is unaware of the taste of the three bars.Taste is an example of a(n) _____ attribute.

• A) search
• B) perceptual
• C) underlying
• D) content
• E) determinant

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Definitions:

Utility Maximizer

An individual or entity that seeks to achieve the highest level of satisfaction possible from their consumption choices, given their resources.

Net Seller

An individual or entity that sells more than it purchases in a given market, often resulting in a net inflow of funds.

Net Buyer

An entity or individual that purchases more of a commodity or asset than they sell in a specific period.

Normal Goods

Goods for which demand increases when consumer income increases, and falls when consumer income decreases, all else being equal.