How Much Effort Is Put into a Buying Decision Depends

question 347

True/False

How much effort is put into a buying decision depends on the economic needs, psychological variables, social influences, purchase situation, and the amount of risk involved.

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Definitions:

Margin Decision

Decision-making process that involves considering the incremental costs or benefits resulting from a particular action or choice.

Incremental Choices

Decisions made by comparing the additional benefits and costs of a little more or a little less of some activity.

Margin

In finance, the difference between the selling price and the cost of the goods sold, often expressed as a percentage of sales.

Economic Activity

The actions that involve the production, distribution, and consumption of goods and services in an economy.