How can the economic perspective help us understand the behavior of fast-food consumers? Explain several insights it provides about customer behavior
Please provide the best answer for the statement.
Several insights come from the economic perspective as it applies to this example: (1) People choose the shortest line to reduce time cost. (2) Lines often have equal lengths as people shift from longer to shorter lines in an effort to save time. (3) Lines are chosen based on length without much other information—the cost of obtaining more information is not worth the benefit. In this case, imperfect information may lead to an unexpected wait, or it may cause some people to leave when then see a long line. (4) When a customer reaches the counter, other economic decisions are made about what to order. From an economic perspective, these choices will be made after the customer compares the costs and benefits of possible choices.
You might also like to view...
Suppose a large tree on Adam's property blocks Eve's view of the ocean. Adam accepts Eve's offer of $15,000 to cut down the tree. This is an example of
A) internalizing externalities via voluntary agreements. B) a result of logrolling. C) a consequence of a positive externality. D) a consequence of private costs exceeding social costs.
Net exports represent the difference between exports and imports
Indicate whether the statement is true or false
What is the distinction between expected wealth and expected utility?
What will be an ideal response?
Indifference curves for perfect substitutes must be parallel lines with a slope of negative one
Indicate whether the statement is true or false