Answer:
need recognition, information search, evaluation of alternatives, purchase, and post purchase behavior
Explanation:
In simple words, A consumer refers to an individual who acquire a resource in exchange of money or some other resource, to satisfy his or her needs.
The customer decision-making process involves consumers becoming aware of and identifying their interests, gathering input about how to better meet those needs, weighing alternative possible choices, making a buying judgment as well as evaluating their investment.
Answer:
Yes.
Explanation:
Market rate of exchange of jello for pie:
= Price of a piece of apple pie ÷ Price of jello
= $3.75 ÷ $1.25
= 3.00
At his current consumption point, Nick's marginal rate of substitution (MRS) of jello for pie = 3
Since MRS = Px/Py, hence, at this point of consumption bundle he is having a maximum level of utility.
Therefore, there is no need to change his consumption bundle because he is already at his maximum level.
Having money with which to buy goods and services is called purchasing power