Consumers seek to maximize

Question

Quizplus · Accepted Answer

Consumers seek to maximize their expected consumer surplus, which is the difference between the maximum amount a consumer is willing to pay for a good or service and the price they actually pay. This is why consumers often shop around for the best price and look for discounts or promotions to increase their consumer surplus. Maximizing profits is a goal for businesses, not consumers. Expenditures are a result of consumer behavior, but not necessarily the main objective. Choice is a broad concept that does not necessarily capture the specific goal of consumers.

Consumers Seek to Maximize