Status and Ego Considerations in Consumption Are Economic Explanations of Demand

question 73

True/False

Status and ego considerations in consumption are economic explanations of demand.

---

Definitions:

Tax

Compulsory financial charges imposed by a government on individuals and organizations to fund public expenditures.

Good

An item or product that satisfies a want or need, available for sale or trade.

Market Demand

The total quantity of a good or service that all consumers in the market are willing and able to purchase at different prices.

Market Supply

The total quantity of a good or service that all producers in a market are willing and able to sell at various price levels.