Economists in General

question 75

Multiple Choice

Economists in general

• A)do not try to explain people's tastes, but they do try to explain what happens when tastes change.
• B)believe that they must be able to explain people's tastes in order to explain what happens when tastes change.
• C)do not believe that people's tastes determine demand and therefore they ignore the subject of tastes.
• D)incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.

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Definitions:

Fashion Product

Items specifically designed, produced, and marketed within the fashion industry, often characterized by trends and seasons.

Style of the Times

The prevailing fashion, design, or tendency in society at a particular period or moment.

Diffusion of Innovation

A theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures.

Product Adoption

The process by which consumers start to use a new product or service, influencing its market penetration and success.