Suppose a consumer always goes to the same hairdresser to get her hair cut.Even after the hairdresser puts up the price of a cut by $5, the consumer doesn't switch to any hairdressers that are cheaper or more skilled.This means that the consumer is:
A)acting as a rational utility maximiser
B)acting as a satisficer
C)a victim of asymmetric information
D)getting a loyalty discount from the hairdresser

Question

Quizplus · Accepted Answer

The consumer is settling for a hairdresser that is satisfactory, rather than searching for a cheaper or more skilled option. This behavior is characteristic of a satisficer - someone who is not necessarily seeking the best option, but rather one that meets their minimum requirements.

Suppose a Consumer Always Goes to the Same Hairdresser to Get