Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?
A)Economists formerly believed they were very important but now they believe they are not important.
B)Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods.
C)Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers.
D)Economists traditionally believed they were unimportant, but many economists now believe social factors are important.

Question

Quizplus · Accepted Answer

Economists traditionally believed that social factors were unimportant in influencing consumer choices, but many economists now recognize that social factors such as social norms, peer pressure, and cultural values can have a significant impact on consumer behavior. This shift in thinking is reflected in the growing body of research on behavioral economics and marketing.

Which of the Following Statements Describes Economists' Attitudes Regarding the Influence