A consumer's demand for a product increases because other consumers own it.This is an example of:

Name: A consumer's demand for a product increases because other consumers own it.This is an example of:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The bandwagon effect refers to the phenomenon of people's preference or behavior being influenced by the actions of others. In this case, the demand for a product is increasing because other consumers own it, suggesting that people are jumping on the "bandwagon" of owning this product.

A Consumer's Demand for a Product Increases Because Other Consumers