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1.2 Individual economic decision making (A-level only)

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Question 25

The behaviour of a consumer buying a premium dual-boiler espresso machine is biased due to bounded rationality and the anchoring effect. This implies that the choice of which espresso machine to buy is based on the price of

A

all available premium espresso machines, given sufficient time to acquire the market data.

B

the cheapest available espresso machine, in order to maximise their consumer surplus.

C

the first espresso machine they see and imperfect information about other available alternatives.

D

the most expensive espresso machine, assuming that high price translates directly to superior durability.

Markscheme

1.2 Individual economic decision making (A-level only) Questions

  1. A Level
  2. /Economics
  3. /1.2 Individual economic decision making (A-level only)

45 exam-style questions on AQA A Level Economics 1.2 Individual economic decision making (A-level only), covering 1.2.1 Consumer behaviour, 1.2.2 Imperfect information, 1.2.3 Aspects of behavioural economic theory, and 1.2.4 Behavioural economics and economic policy. Each one has a worked solution and a mark scheme showing where the marks go.

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