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Which is a dimension or assumption of the marginal-utility theory of consumer behavior?
The consumer has a small income.
What is the role theory and how does it help us to understand consumer behavior?
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What theory has focused a major part of its approach to helping raise the tolerance for frustrations and who developed this approach?
Rational Emotive Behavior Therapy - Abert Ellis
How does the concept of nonsatiation influence consumer behavior in the context of economic theory?
The concept of nonsatiation in economic theory suggests that individuals always seek to increase their satisfaction or utility. This influences consumer behavior by leading people to constantly desire more goods and services to maximize their well-being. As a result, consumers are motivated to continue purchasing and consuming products in order to achieve higher levels of satisfaction.
Can indifference curves ever cross in consumer theory, affecting the consumer's preferences and decision-making process?
No, indifference curves in consumer theory do not cross, as they represent different levels of satisfaction for the consumer. Crossing would imply inconsistency in preferences, which goes against the assumptions of rational decision-making in consumer theory.
Define cardinal approach?
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
What are the similarities between cardinal and ordinal approach?
they both obey the diminishing returns theory
Define ordinal utility?
Ordinal utility is a concept in economics that refers to the ranking of preferences among different alternative choices based on satisfaction or utility derived by an individual. It does not assign a specific numerical value to the level of satisfaction, but simply ranks the different choices in order of preference. This approach helps in understanding consumer behavior and decision-making without needing to quantify utility levels.
Which is a dimension or assumption of the marginal-utility theory of consumer behavior?
The consumer has a small income.
What is the role theory and how does it help us to understand consumer behavior?
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Assumptions for ordinalist in consumer behavior?
Ordinalist assumptions in consumer behavior include that individuals can rank their preferences for goods and services in terms of satisfaction, that they make rational decisions based on these preferences, and that their utility can be compared and measured through ordinal rankings rather than exact numerical values. This theory focuses on the relative order of preferences rather than the absolute magnitude of utility.
What are the determinant of consumer behavior?
needs and motives, perceptions, attitudes, learning and self concept theory
What are the 4 approaches in the development of moral behavior?
The four approaches in the development of moral behavior are cognitive-developmental approach, social learning approach, personality approach, and evolutionary approach. These approaches focus on different aspects such as cognitive processes, social interactions, individual differences, and evolutionary origins in shaping moral behavior.
What theory has focused a major part of its approach to helping raise the tolerance for frustration and who developed this approach?
Rational Emotive Behavior Therapy - Abert Ellis
What theory has focused a major part of its approach to help raise the tolerance for frustration and who developed this approach?
Rational Emotive Behavior Therapy - Abert Ellis
What theory has focused a major part of its approach to helping raise the tolerance for frustrations and who developed this approach?
Rational Emotive Behavior Therapy - Abert Ellis
What are the personal determinants of consumer behavior?
needs and motives, perceptions, attitudes, learning and self concept theory
