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I need help with this Economics question please!!! watch

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    Evidence suggests that only a relatively small proportion of consumers change bank
    accounts, energy suppliers or mobile (cell) phone contracts even where there would
    be a significant financial gain from doing so.
    This behaviour may best be explained by
    A - consumer purchases being based on habit
    B - consumers having full information
    C - consumers having good computational skills
    D - consumers experiencing diminishing marginal utility
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    Sorry you've not had any responses about this.

    Why not try posting in a specific subject forum- you might have more luck there.

    Here's a link to our subject forum which should help get you more responses.

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    (Original post by thea_)
    Evidence suggests that only a relatively small proportion of consumers change bank
    accounts, energy suppliers or mobile (cell) phone contracts even where there would
    be a significant financial gain from doing so.
    This behaviour may best be explained by
    A - consumer purchases being based on habit
    B - consumers having full information
    C - consumers having good computational skills
    D - consumers experiencing diminishing marginal utility
    A?

    I don't do economics though... it was just an educated guess.
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    Checked the mark scheme, got it right ayyyyyyy.
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    I'd say A and D, because we tend to stick to what we know or just couldn't be bothered.
    Most people won't change utility deals to other companies because they make the process of leaving tedious.
    Companies advertise theme selves in such a way it looks fantastic to stick with them and it would be a bad idea (because they will make sure) if you leave.
    ... Which is why my mum still uses T-mobile.
 
 
 

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