Which of the following are ways that companies attempt to influence consumers so that they will buy their products instead of those being sold by the competition? Branding, free advertising, and product placement .
Which best explains how budgeting helps consumers reach their financial goal?
Which best explains how budgeting helps consumers reach their financial goals? Budgets allow consumers to control how much money they have going out for expenses . ... Short-term planning takes care of regular expenses in the near future while long-term planning involves saving for large purchases further in the future.
Which refers to satisfaction consumers get from the goods and services they purchase?
Which refers to the satisfaction consumers get from the goods and services they purchase? Utility .
What is an essential part of making a rational choice?
Which is an essential part of making a rational choice? doing cost-benefit analysis .
Which best states the purpose of the news media quizlet?
Which best states the purpose of the news media? Providing objective information that allows people to make good decisions.
Which is a way that companies attempt to influence consumers?
Explanation: Branding differentiates a product from the product of its competitors and thus increase the interest of consumers in that good.
Which term best characterizes cost benefit analysis quizlet?
Which term best characterizes cost-benefit analysis? rational .
Which is the first law of Gossen?
Gossen’s First Law is the “law” of diminishing marginal utility : that marginal utilities are diminishing across the ranges relevant to decision-making.
Which best defines consumer choice?
Consumer choice refers to the decisions that consumers make with regard to products and services . When we study consumer choice behavior, we examine how consumers decide which products to purchase or consume over time.
What happens when a consumer consumes more of a product?
The law of diminishing marginal utility explains that as a person consumes an item or a product, the satisfaction (utility) that they derive from the product wanes as they consume more and more of that product.
Which of the following best describes economist’s rational decision making?
all decisions and actions have a cost associated with them. ... Which of the following best describes economist’s rational decision making? Improving net gain by making decisions so that marginal benefits exceed marginal costs .
Which best describes opportunity cost?
Opportunity cost is used to describe the value that is given up by choosing an alternative option when faced with choices . An opportunity cost does not necessarily need to be monetary and may describe a sense of loss when forgoing a particular option.
Which term describes the value of the next best alternative?
The opportunity cost of a choice is the value of the best alternative given up.
Which activity would a consumer most likely perform?
Introduction to Economics Quiz 2. Which activity would a consumer most likely perform? sufficient products to meet consumer wants .
Which best describes the role that workers play in the economy?
Workers play a vital role in the economics. The workers are the ones who make the products and provide the services sold by producers . Although, when workers make goods and services, they go about as producers. ... The workers role is unique and they play important roles in economics.
Which does the news media do?
The news media or news industry are forms of mass media that focus on delivering news to the general public or a target public. These include print media (newspapers, newsmagazines), broadcast news (radio and television), and the Internet (online newspapers, news blogs, news videos, live news streaming, etc.).
