Consumer Behavior Quiz

What is consumerism?

• A method of measuring consumer satisfaction

• An organized movement to strengthen buyer rights

• A theory of consumer behavior

• A movement to promote seller rights

Who enunciated the Four Basic Consumer Rights?

• Abraham Lincoln

• Franklin D. Roosevelt

• The Department of Trade and Industry

• John F. Kennedy

What does the Right to Safety entail?

• The right to choose products

• The right to be informed about products

• The right to be protected from harmful goods

• The right to complain about services

What is the Utility Approach in consumer behavior?

• A method to analyze consumer complaints

• A way to measure consumer satisfaction

• A theory that focuses on consumer rights

• A method to evaluate seller performance

What does Marginal Utility refer to?

• Total satisfaction from all goods consumed

• The overall utility of a product

• The utility derived from a single good

• Satisfaction from consuming an additional unit

What does the Law of Diminishing Marginal Utility state?

• Utility increases with more consumption

• Marginal utility is always positive

• Satisfaction decreases with additional consumption

• Total utility remains constant

What is an indifference curve?

• A method to calculate consumer income

• A curve showing consumer preferences

• A curve showing combinations of goods yielding the same satisfaction

• A graph of total utility over time

What does the Equi-Marginal Principle state?

• Consumers maximize satisfaction by equalizing marginal utility per peso

• Utility is constant across all goods

• Consumers should always choose the cheapest option

• Satisfaction is maximized by consuming more of one good

What is Total Utility?

• The additional satisfaction from one more unit

• The satisfaction from consuming one good

• The overall satisfaction from consuming specific quantities of goods

• The utility derived from a single purchase

What are the limitations consumers face in maximizing satisfaction?

• Income and price of preferred goods

• Quality of goods and services

• Brand loyalty

• Availability of products