A consumer decides bid on eBay for a rare healthcare marketing text. Prior to doing so, the individual says to him- or herself, "I will not spend more than $500 for this first edition." This person is displaying the item budget theory approach.

Question

Quizplus · Accepted Answer

The item budget theory approach involves setting a maximum price one is willing to pay for an item, which is what the individual is doing by deciding not to spend more than $500.

A Consumer Decides Bid on EBay for a Rare Healthcare