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Economics by Terry Hillman

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CHAPTER9

How Consumers Make Choices

In This Chapter

  • Measuring consumer satisfaction
  • Getting what you want within your budget
  • Maximizing consumer utility
  • Utility and the demand curve

Consumers are a vital part of the economy. Consumer spending accounts for well over 50 percent of GDP in most countries. Understanding consumer behavior is therefore of deep interest to economists and businesses.

Most economists believe that consumers are rational and therefore always do what is in their best interests. Whether at a restaurant, a supermarket, or buying from an online megastore like Amazon, consumers will choose products that give them the most satisfaction. ...

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