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FAQs on Mindmap: Theory of Consumer Behavior - Economics Class 11 - Commerce
| 1. What is the theory of consumer behavior? |  |
Ans. The theory of consumer behavior is a branch of economics that explains how consumers make decisions about what goods and services to buy. It focuses on understanding the factors that influence consumer choices, such as preferences, budget constraints, and market conditions.
| 2. What are the key assumptions of the theory of consumer behavior? | |
Ans. The theory of consumer behavior is based on several key assumptions. Firstly, it assumes that consumers are rational and seek to maximize their utility or satisfaction from consuming goods and services. Secondly, it assumes that consumers have complete information about the available options and their prices. Lastly, it assumes that consumers have a fixed income and make choices based on their budget constraints.
| 3. How does the theory of consumer behavior explain consumer preferences? | |
Ans. The theory of consumer behavior explains that consumers have preferences for different goods and services based on their individual tastes and preferences. These preferences can be influenced by factors such as personal experiences, cultural influences, and advertising. The theory suggests that consumers will choose goods and services that give them the highest level of utility or satisfaction, given their budget constraints.
| 4. What role does income play in the theory of consumer behavior? | |
Ans. Income plays a crucial role in the theory of consumer behavior. It is assumed that consumers have a fixed income, and they allocate their income to purchase different goods and services. The theory suggests that as income increases, consumers can afford to buy more goods and services, leading to an increase in their overall level of consumption.
| 5. How does the theory of consumer behavior explain consumer demand? | |
Ans. The theory of consumer behavior explains consumer demand by considering the price of goods and services and their corresponding utility or satisfaction level. According to the theory, consumers will demand more of a good or service when its price decreases and demand less when its price increases. Additionally, the theory suggests that consumers will demand more of a good or service that provides them with a higher level of utility or satisfaction.
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Nov 23, 2024 Last updated |
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