When Economists Describe the Theory of Consumer Choice,they

question 94

Multiple Choice

When economists describe the theory of consumer choice,they

• A)portray people as simple and methodical with perfectly predictable patterns of behavior.
• B)assert that consumers decide which goods and services give them the greatest utility within their limited incomes.
• C)point out that consumers rarely consider utility in their purchase decisions; they look at other factors like convenience,peer behavior,and price.
• D)assert that the retail price is the only variable consumers really consider in making their purchasing decisions.
• E)admit that consumer behavior is random and there is no credible economic theory to explain the phenomenon.

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Definitions:

Written records

Documented evidence or data that is stored in a written or printed format.

Archival research

Involves the study and analysis of existing records or archives to extract data or insights into historical or current trends and patterns.

Case studies

Research method involving an up-close, in-depth, and detailed examination of a subject of study (the case), as well as its related contextual conditions.

Naturalistic observation

An examination method where people are observed in their natural habitat without any control or influence from the person conducting the research.