1
Q
What may influence other peoples behavior?
A
Peer pressure
Advertising
2
Q
How does habitual behavior work?
A
Consumers make so many purchasing decisions, causing them to rely on habits to speed up the process .
3
Q
What is the rule of thumb?
A
A short cut, referring to making a quick estimation of benefits without gathering too much information.
4
Q
What is consumer inertia?
A
The tendency of some consumers to continue buying a product even when superior options exist.
5
Q
What is consumer weakness at consumption?
A
The wider the range of choice, the harder it is for a consumer to gather information.
Micro Economics
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