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21 September, 15:15

Behavioral economist Richard Thaler has studied several examples of how businesses make use of inconsistencies in consumer decision-making. Which of the following is an example of this? An example of businesses taking advantage of inconsistencies in consumer decision-making is

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  1. 21 September, 15:43
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    The correct answer is: An example of businesses taking advantage of inconsistencies in consumer decision-making is credit card companies not allowing stores to charge a fee to consumers if they pay with a credit card but allowing stores to provide a discount to consumers if they pay in cash

    Explanation:

    The purchase decision process is the decision-making process used by consumers regarding market transactions before, during and after the purchase of a good or service. It can be seen as a particular form of a cost-benefit analysis in the presence of multiple alternatives.
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