Which of the Following Statements Is True of Consumers' Information

question 104

Multiple Choice

Which of the following statements is true of consumers' information processing?

• A) Consumers are always rational when they are evaluating possible solutions to a problem.
• B) Consumers tend to have unlimited ability to process all information available in the environment.
• C) Consumers tend to maximize the effort they put into alternative evaluation and choice.
• D) Consumers tend to settle for a solution that is simply good enough to solve a problem.
• E) Consumers tend to consider all possible solutions to a problem as they have the ability to do so.

---

Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good and the total amount of the good that suppliers are willing to sell.

Highly Inelastic

Describes a situation where the quantity demanded or supplied changes very little in response to changes in price.

Antiques

Objects of considerable age valued for their aesthetic or historical significance.

Percentage Change

A mathematical calculation that indicates the degree of change over time, expressed as a percentage representing increase or decrease.