Final answer:
A customer who looks for the best price or deal is known as a comparison shopper. Economists would describe a shopper getting a good deal as gaining consumer surplus. Comparison shopping is based on the available information and the desire to maximize utility.
Step-by-step explanation:
The customer who spends time searching for the best price or deal on the item she is looking to purchase is called a comparison shopper. This term describes a consumer who carefully compares prices, quality, customer reviews, and other factors before making a purchase to ensure that they are getting the most value for their money.
When an economist describes what happens when a shopper gets a "good deal" on a product, they might refer to the concept as consumer surplus, which represents the difference between what consumers are willing to pay for a good or service and what they actually pay.
Every purchase is based on the belief about the satisfaction that the good or service will provide. This belief is influenced by the information available to the buyer, which, in many cases, is imperfect or unclear. In scenarios with imperfect information, a comparison shopper is likely trying to minimize future regrets from a purchase or maximize the potential utility from the product or service they are considering.