ASSUMPTION ABOUT CONSUMERS

1. Who are the individuals who buy goods and services for personal consumption?

• commoners

• commuters

• consumers

• costumers

John walks into a supermarket and compares the prices of two brands of rice before making a purchase. Which basic consumer assumption is he demonstrating?

• Consumers are rational decision makers.

• Consumers desire many goods or non-satiation.

• Consumers must pay for goods.

• Consumers have limited income.

A toy store is running a "Buy One, Get One Free" promotion. Kids and parents rush to the store to take advantage of the deal because they always want more toys. Which consumer behavior is shown?

• 
  Consumers are rational decision makers.

• Consumers desire many goods or non-satiation.

• Consumers must pay for goods.

• Consumers have limited income.

Lisa wants to buy a new phone, but she also needs to pay her rent and utility bills. She decides to postpone buying the phone until she has enough savings. What consumer assumption does this situation reflect?

• Consumers are rational decision makers.

• Consumers desire many goods or non-satiation.

• Consumers must pay for goods.

• Consumers have limited income.

Mark goes to a coffee shop and realizes he forgot his wallet. Since he cannot pay, he decides to leave without ordering. Which consumer assumption is demonstrated?

• Consumers are rational decision makers.

• Consumers desire many goods or non-satiation.

• Consumers must pay for goods.

• Consumers have limited income.