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In presenting the idea of a demand curve economists presume that the most important variable in determining the quantity demanded is the price of the product itself or consumer income?
Wiki User
∙ 13y ago
The price of the product itself.
Wiki User
∙ 13y ago
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Why economists say competitive markets are efficient?
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
What concept do economists use to measure the satisfaction a person gets from the use or consumption of goods and services?
The concept of utility is a measure of consumer satisfaction.
WHAT Economists Use The Concept Of To Measure The Satisfaction A Person Gets From The Use Or Consumption Of Goods And Services.?
The concept of utility is a measure of consumer satisfaction.
The most important determinant of consumer spending is?
consumer expectations
Why is the CPI a useful took for economists and business?
The CPI (consumer price index) is useful because it allows observation of the rate of inflation in a given economic region.
Why economists say competitive markets are efficient?
Economists say that competitive markets are efficient because when there is competition prices are lower. The more available an item, the less it will cost the consumer.
What reason best explains why economists use consumer confidence to evaluate the economy?
Consumer confidence is closely related to joblessness, inflation, and real incomes.
What reason best explains why economists use consumer confidence surveys to evaluate the economy?
Economists use consumer confidence surveys to gauge sentiment and predict future spending behaviors. High consumer confidence typically indicates optimism and potential for increased consumption, while low confidence can signal economic uncertainty that may impact spending and investment decisions. Monitoring these surveys helps economists understand consumer sentiment and make predictions about economic trends.
What is a sentence with consumer sovereignty?
Consumer sovereignty refers to the idea that consumers have the power to determine which goods and services are produced based on their preferences and purchasing decisions.
What factors can be considered a determinant to consumer demand?
Supply and Price are the determining factors for Demand.
WHAT Economists Use The Concept Of To Measure The Satisfaction A Person Gets From The Use Or Consumption Of Goods And Services.?
The concept of utility is a measure of consumer satisfaction.
What concept do economists use to measure the satisfaction a person gets from the use or consumption of goods and services?
The concept of utility is a measure of consumer satisfaction.
Why use recommended retail price when determining selling price?
This is applicable to consumer durable products where retail prices are recommended because there is a huge consumer market for such products.
What are thetwo disadvantages of the concept of diminishing marginal utility in determining consumer behaviorand how are these disadvantages overcome?
The answer is, Penis.
What is critical in determining something is produced as a public good?
whether or not the goods can be withheld or not from 1 individual consumer
The most important determinant of consumer spending is?
consumer expectations
What does consumer behavior mean?
what are the important of consumer behaviour to the shopping
