Post Utme Veritas University 2017 Economics Question 8

Practice objective / multiple choice question 8 from the 2017 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2017 Economics Objective / Multiple Choice
Question 8 POST_UTME_VERITAS_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of utility in consumer behavior suggests that consumers make rational decisions based on the satisfaction they derive from consuming goods and services. Which of the following is a correct example of a utility-maximizing decision?

Answer Options

A. A consumer chooses to buy a more expensive product because it is perceived to be of higher quality.
Correct Answer B. A consumer chooses to buy a product that provides the greatest satisfaction at the lowest price.
C. A consumer chooses to buy a product that is recomm\ended by fri\ends and family.
D. A consumer chooses to buy a product that is on sale.
Correct Answer
B
Correct Option:
A consumer chooses to buy a product that provides the greatest satisfaction at the lowest price.

About This Question

This is Post Utme Veritas University 2017 Economics Question 8. It is one of the objective questions from the 2017 Post Utme Veritas University Economics examination.

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