According to the Application, consumer search is ________ on workdays and is therefore ________ than on weekends.
A) more costly; more extensive
B) more costly; less extensive
C) less costly; more extensive
D) less costly; less extensive
20) According to the Application, a recent study of search behavior for liquid detergent showed that a doubling of income ________ the cost of search and ________ the amount of searching by about 14 percent.
A) increased; increased
B) increased; decreased
C) decreased; increased
D) decreased; decreased
21) The lowest price found so far in a search process is a reservation price.
22) A discovered price is the lowest price found so far in a search process.
23) A reservation price is the price at which a consumer is indifferent about additional search for a lower price.
24) If the reservation price is lower than the discovered price, additional searching by the consumer is sensible.
25) If the reservation price is lower than the discovered price, additional searching by the consumer is irrational.
26) The amount of searching for low prices depends in part on the opportunity cost of searching for the product.
27) The amount of searching for low prices depends in part on the range of prices, from lowest to highest, of the product.
28) What is a discovered price
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