Which of the Following Is Used to Explain Why a Consumer's

question 299

Multiple Choice

Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?

• A)network externalities
• B)market failure
• C)diminishing marginal utility
• D)the income effect of a price change

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Definitions:

Deprivation

Refers to a state of lacking or denial of basic resources or essentials for human well-being.

Anomie

A state of normlessness within a society or group, where there is a breakdown or absence of social norms and values, often leading to social instability.

Breakdown Theory

A sociological theory that suggests social breakdowns, like riots or vandalism, occur when traditional social controls and institutions fail.

Economic Deprivation

Refers to a state where individuals or groups lack the financial resources and essentials for a minimum standard of living.