When we assume that consumers want to pay the lowest price possible, we assume that consumers are:

Question

Quizplus · Accepted Answer

The assumption that consumers want to pay the lowest price possible is based on the assumption that consumers are rational - that they want to get the best possible value for their money. It does not necessarily mean that they are cheap or deceitful, although some individuals might fall into those categories. Additionally, consumers may not always be fully informed about prices and products, but the assumption is that they will do their best to make informed decisions given the information available to them.

When We Assume That Consumers Want to Pay the Lowest