When Using ________, a Consumer Exerts Little Effort in Making

question 114

Multiple Choice

When using ________, a consumer exerts little effort in making a purchase decision.

• A) habitual decision making
• B) extended problem solving
• C) compensatory decision rules
• D) cognitive dissonance
• E) limited problem solving

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Definitions:

Insurance Exchanges

Government-regulated markets for health insurance in which individuals seeking to purchase health insurance to comply with the personal mandate of the Patient Protection and Affordable Care Act (PPACA) of 2010 will be able to comparison shop among insurance policies approved by regulators. Each state will have its own exchange.

Government-set Standards

Regulations established by government bodies to ensure quality, safety, and fairness in the production, provision, or use of goods and services.

Efficiency Loss

The loss of economic efficiency that occurs when the competitive equilibrium in a market is not achieved or is distorted.

Health Insurance

An insurance policy designed to cover costs related to medical care, including surgery, prescriptions, and occasionally dental treatments for the policyholder.