CONSUMER BEHAVIOR

Question 1

It is the study of activities related to
the purchase, use, and disposal of
goods and services.

Answer 1

CONSUMER BEHAVIOR

Question 2

refers to the economist term for pleasure or satisfaction .

Answer 2

UTILITY

Question 3

measures of utility by attaching specific number to each level.

Answer 3

CARDINAL UTILITY

Question 4

measures utility by rank or order his preferences.

Answer 4

ORDINAL UTILITY

Question 5

It refers to the total satisfaction or fulfillment that a consumer receives in the consumption of goods and services.

Answer 5

TOTAL UTILITY

Question 6

It refers to as a measure of relative satisfaction of relative satisfaction gained
or lost from an increase or decrease from
that consumption of goods and services.

Answer 6

MARGINAL UTILITY

Question 7

It is a curve that shows the combinations
of product A and B that yield the same
level of satisfaction.

Answer 7

INDIFFERENCE CURVE

Question 8

Characteristics of indifference curve:

Answer 8

It is downward sloping
It is not intersecting
It is convex to the origin

Question 9

It refers to the rate at which the consumer
is preferred to substitute one good to
another but still remain equally satisfied.

Answer 9

MARGINAL RATE OF
SUBSTITUTION