Final answer:
Buyers primarily make purchasing decisions based on price and quality, using price as a proxy for quality especially when they lack information or expertise on the product.
Step-by-step explanation:
A buyer makes most of their purchasing decisions based on the considerations of price and quality. Decisions are influenced by the available information, and since this information is often imperfect or unclear, it can make buyers rely on price as an indicator of quality. In contrast, some buyers might focus on other aspects such as brand and availability, color and design, or size and weight, depending on the context or the nature of the product being purchased.
Buyers regularly equate higher prices with better quality products or services, a phenomenon particularly observed when they are not experts on the items they intend to purchase. For instance, an expensive restaurant is assumed to have better food, or a lawyer charging a higher rate is considered to be more skilled. However, it is important to note that this is not always the case and relying solely on price as a signal of quality can lead to suboptimal purchase decisions.