Asked by Samuel Flores on May 31, 2024
Verified
The theory of consumer behavior assumes that consumers attempt to maximize
A) the difference between total and marginal utility.
B) total utility.
C) average utility.
D) marginal utility.
Consumer Behavior
The analysis of how consumers' preferences and economic decisions affect the demand for goods and services.
Marginal Utility
The change in total utility a person derives from consuming an additional unit of a good or service.
Total Utility
The overall satisfaction or benefit a person receives from consuming a certain amount of goods or services.
- Appreciate the underpinnings of consumer behavior theory and their ramifications.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
B
Explanation :
The theory of consumer behavior assumes that consumers attempt to maximize total utility, which is the total satisfaction received from consuming a good or service.
Learning Objectives
- Appreciate the underpinnings of consumer behavior theory and their ramifications.