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A rational consumer is a person who?
- a)Has perfect knowledge of the market
- b)Is not influenced by persuasive advertising
- c)Behaves at all times, other things being equal, in a judicious manner
- d)Knows the prices of goods in different market and buys the cheapest
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
A rational consumer is a person who?a)Has perfect knowledge of the mar...
A rational consumer is considered to be that person who makes rational consumption decisions.
In other words, the consumer who makes his choices after considering all the other alternative goods (and services) available in the market is called a rational consumer.
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A rational consumer is a person who?a)Has perfect knowledge of the mar...
Explanation:
A rational consumer is a person who has perfect knowledge of the market. Let's break down the components of this definition and explain why option 'A' is the correct answer.
Perfect Knowledge of the Market:
- A rational consumer is someone who has complete information about the products and services available in the market.
- They are aware of the various options, features, prices, and quality of goods and services before making a purchase decision.
- Perfect knowledge allows consumers to make informed choices and select the best product or service that meets their needs and preferences.
Why Option 'A' is Correct:
- Option 'A' states that a rational consumer has perfect knowledge of the market, which aligns with the definition of a rational consumer.
- Without perfect knowledge, consumers may make irrational decisions, such as overpaying for a product or being influenced by persuasive advertising.
- It is important for consumers to be well-informed to make rational choices that maximize their utility and minimize any potential regret.
Why Other Options are Incorrect:
- Option 'B' states that a rational consumer is not influenced by persuasive advertising. While being less influenced by advertising can be a characteristic of a rational consumer, it is not the defining factor.
- Option 'C' states that a rational consumer behaves judiciously at all times, assuming other things are equal. While rational consumers tend to make prudent decisions, this option does not encompass the concept of perfect knowledge.
- Option 'D' states that a rational consumer knows the prices of goods in different markets and buys the cheapest. Although price awareness can be a characteristic of a rational consumer, it does not necessarily imply perfect knowledge of the market.
Conclusion:
A rational consumer is someone who possesses perfect knowledge of the market. This knowledge allows them to make informed decisions, maximizing their utility and avoiding irrational choices. Other options may be relevant to the behavior of rational consumers, but option 'A' specifically addresses the essential characteristic of perfect knowledge.
A rational consumer is a person who has perfect knowledge of the market. Let's break down the components of this definition and explain why option 'A' is the correct answer.
Perfect Knowledge of the Market:
- A rational consumer is someone who has complete information about the products and services available in the market.
- They are aware of the various options, features, prices, and quality of goods and services before making a purchase decision.
- Perfect knowledge allows consumers to make informed choices and select the best product or service that meets their needs and preferences.
Why Option 'A' is Correct:
- Option 'A' states that a rational consumer has perfect knowledge of the market, which aligns with the definition of a rational consumer.
- Without perfect knowledge, consumers may make irrational decisions, such as overpaying for a product or being influenced by persuasive advertising.
- It is important for consumers to be well-informed to make rational choices that maximize their utility and minimize any potential regret.
Why Other Options are Incorrect:
- Option 'B' states that a rational consumer is not influenced by persuasive advertising. While being less influenced by advertising can be a characteristic of a rational consumer, it is not the defining factor.
- Option 'C' states that a rational consumer behaves judiciously at all times, assuming other things are equal. While rational consumers tend to make prudent decisions, this option does not encompass the concept of perfect knowledge.
- Option 'D' states that a rational consumer knows the prices of goods in different markets and buys the cheapest. Although price awareness can be a characteristic of a rational consumer, it does not necessarily imply perfect knowledge of the market.
Conclusion:
A rational consumer is someone who possesses perfect knowledge of the market. This knowledge allows them to make informed decisions, maximizing their utility and avoiding irrational choices. Other options may be relevant to the behavior of rational consumers, but option 'A' specifically addresses the essential characteristic of perfect knowledge.
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A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer?.
A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A rational consumer is a person who?a)Has perfect knowledge of the marketb)Is not influenced by persuasive advertisingc)Behaves at all times, other things being equal, in a judicious mannerd)Knows the prices of goods in different market and buys the cheapestCorrect answer is option 'A'. Can you explain this answer?.
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