The theory of consumer choice examines
A)the determination of output in competitive markets.
B)the tradeoffs inherent in decisions made by consumers.
C)how consumers select inputs into manufacturing production processes.
D)the determination of prices in competitive markets.

Question

Quizplus · Accepted Answer

The theory of consumer choice specifically focuses on the tradeoffs and decision-making processes involved in a consumer's selection of goods and services. It is not concerned with the determination of output, prices or inputs into manufacturing production processes.

The Theory of Consumer Choice Examines