One of the weaknesses of using surveys to estimate the demand curve is that consumers exaggerate their willingness to pay for new products and services.

Question

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This is a common phenomenon known as social desirability bias. Consumers may feel obligated to give higher responses to appear more supportive or socially responsible, which leads to overestimation of their true willingness to pay.

One of the Weaknesses of Using Surveys to Estimate the Demand