Asked by
Sabrina Krohn
on Nov 16, 2024
Verified
The theory of consumer choice is representative of how consumers make decisions but is not intended to be a literal account of the process.
Theory of Consumer Choice
An economic framework describing how consumers make decisions to allocate their resources optimally among various goods and services.
- Assess how income adjustments, price levels of goods, and preferences determine the optimal decisions of a consumer.
Verified Answer
KB
Learning Objectives
- Assess how income adjustments, price levels of goods, and preferences determine the optimal decisions of a consumer.