The theory of consumer choice provides the foundation for understanding:
A)the structure of production
B)the effect of advertising on brand preferences
C)product demand
D)the most efficient pricing strategy for firms

Question

Quizplus · Accepted Answer

The theory of consumer choice focuses on how individuals make decisions when faced with limited resources and unlimited wants. This includes understanding how consumers choose between different goods and services, which is central to understanding product demand. Therefore, the theory of consumer choice provides the foundation for understanding product demand.

The Theory of Consumer Choice Provides the Foundation for Understanding