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What is Theory of Consumer Behavior Explained about?

Cultural, personal, social, and psychological factors all influence consumer behavior. Cultural factors have the broadest influence as they determine values. Consumers make choices to maximize utility, which is the satisfaction derived from consuming goods. The marginal utility of consuming additional units of a good decreases with more consumption due to the law of diminishing marginal utility. Consumers spread spending across goods until the marginal utility per dollar is equal for all goods based on thei

Author

Genalyn Apolinar Gaba

Language

EN