Final answer:
Shopping products require consumers to carry out research due to the high degree of imperfect information. Consumers spend time to get the best value for their needs. Examples of varying degrees of information imperfection include the straightforwardness of buying apples at a stand, to the complexity of purchasing a used laptop.
Step-by-step explanation:
The types of products that usually require the consumer to spend time gathering information on quality, price, and attributes before making a purchase decision are Shopping products. These products have a high degree of imperfect information which means that consumers need to do more research to ensure that they get the best product for their needs and at the right price.
Self-Check Questions
- Buying apples at a roadside stand would likely have a relatively low degree of imperfect information because the product and its quality are easily observable.
- Buying dinner at the neighborhood restaurant around the corner would generally have a low degree of imperfect information since the consumer can judge the restaurant based on its location and reputation.
- Buying a used laptop computer at a garage sale would have a high degree of imperfect information because it's difficult to assess the quality and functionality of the laptop without detailed information or technical knowledge.
- Ordering flowers over the internet for a friend in a different city would involve a moderate to high degree of imperfect information due to the inability to see the flowers firsthand and depending on the reputation of the vendor.