Which Type of Decision Making Involves Internal and External Search

question 6

Multiple Choice

Which type of decision making involves internal and external search, few alternatives, simple decision rules on a few attributes, and little postpurchase evaluation?

• A) nominal decision making
• B) routine decision making
• C) limited decision making
• D) partial decision making
• E) extended decision making

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Definitions:

Exchange Rate

The rate at which one currency can be exchanged for another.

Japanese Yen

The official currency of Japan, used as a medium of exchange in the country.

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than other producers.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.