If a consumer describes a car as being the most economical car on the market than this descriptor is a?
Correct answer: C. belief
- A. rule
- B. attitude
- C. belief
- D. cute
Explanation
Calling a car the most economical expresses a consumer's specific conviction about the product, which is a belief. An attitude is a broader favorable or unfavorable evaluation that may be formed from several beliefs.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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