The revealed preference approach refers to:
A) asking consumer to reveal their preferences using survey methods.
B) estimating demand curves by using data on individual consumers.
C) a statistical method used to estimate demand curves.
D) a method of gathering information about consumer's preferences by observing their actual choices.

Question

Quizplus · Accepted Answer

The revealed preference approach involves observing and analyzing consumers' actual choices rather than relying on survey or hypothetical data. This method helps to understand consumers' true preferences and the underlying factors influencing their choices.

The Revealed Preference Approach Refers To