Which Best Describes the Behavior of a Satisficer

question 117

Multiple Choice

Which best describes the behavior of a satisficer

• A) waiting until your favorite type of shoes are in stock before purchasing
• B) purchasing the first pair of shoes that fit
• C) buying three pairs of shoes in three different colors
• D) comparing shoe prices online before making a purchase in the store

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Definitions:

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government spending and monetary policy influenced modern macroeconomics.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, typically reflected by the absence of cyclical unemployment.

Equilibrium

Equilibrium is a state in which all forces or influences are balanced, in economic terms, it refers to the point where supply equals demand, resulting in market stability.

Spending Multiplier

The ratio of the change in total output induced by an autonomous change in aggregate spending to the size of that autonomous change.