Which of the following is not a fundamental that underlies consumer behavior?
A) Goods can be substituted for one another.
B) Consumers make decisions purposefully based upon past experience and knowledge.
C) The law of diminishing marginal utility applies to all goods.
D) Consumers always make choices with perfect information.

Question

Quizplus · Accepted Answer

Consumers do not always have perfect information when making decisions, as there may be incomplete or inaccurate information available to them. However, the other three options are fundamental principles that underlie consumer behavior.

Which of the Following Is Not a Fundamental That Underlies