Critique of Consumer and Producer Behavior

Critique of Consumer and Producer Behavior

5th Grade

11 Qs

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Critique of Consumer and Producer Behavior

Critique of Consumer and Producer Behavior

Assessment

Quiz

Other

5th Grade

Medium

Created by

Benjamin Hansen

Used 1+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not an assumption of rational consumer choice?

Consumers always make rational decisions

Consumers are driven by self-interest

Consumers have imperfect information

Consumers maximize utility

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is bounded rationality?

Consumers have limited cognitive abilities

Consumers have perfect information

Consumers always make rational decisions

Consumers maximize utility

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the availability bias?

Consumers use irrelevant information as benchmarks

Consumers overestimate the likelihood of an event based on ease of recall

Consumers are influenced by the way choices are presented

Consumers have limited cognitive abilities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept of nudge theory?

Influencing consumer behavior through choice architecture

Consumers make decisions based on personal preferences

Consumers have perfect information

Consumers maximize utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not an alternative business objective to profit maximization?

Minimizing brand loyalty

Satisficing

Growth

Corporate social responsibility

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market share?

A firm's percentage of an industry's total sales revenue

A firm's level of output where marginal costs equal marginal revenue

A firm's aim to achieve satisfactory results in multiple areas

A firm's growth measured by indicators such as number of employees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of corporate social responsibility?

Lowering average costs through economies of scale

Restricting the number of choices available to consumers

Using renewable energy sources and minimizing waste

Maximizing revenue through diversification

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