Extended Problem Solving Is the Type of Consumer Problem-Solving Process

question 49

Multiple Choice

Extended problem solving is the type of consumer problem-solving process that

• A)involves no conscious planning but rather a powerful and persistent urge to buy something.
• B)is the most complex problem-solving behavior,which comes into play when a purchase involves unfamiliar,expensive,or infrequently bought products.
• C)requires a moderate amount of time for information gathering and search.
• D)is the creation and maintenance of a collection of products that satisfy a person's needs and wants.
• E)requires very little search-and-decision effort and is practiced when buying low-cost and frequently purchased products.

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Definitions:

Public Goods

Commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.

External Costs

Costs incurred as a result of an economic activity that are not reflected in the market price, often shouldered by society or the environment.

Unemployment

A situation where individuals who are able and willing to work are not able to find employment.

Efficient Allocations

The optimal distribution of resources among competing uses to achieve the highest overall level of welfare or utility.