Big Data Is Commonly Used to Analyze and Predict Consumer

question 47

True/False

Big data is commonly used to analyze and predict consumer preferences.

---

Definitions:

Equilibrium Prices

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Total Utility

Differentiated per your instruction, total utility quantifies the complete satisfaction received by a consumer from consuming various amounts of a good or service.

Marginal Utility Data

Information related to the additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.

Utility-Maximizing

The economic principle that assumes individuals seek to achieve the highest level of satisfaction or utility from their consumption decisions.