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Define the term Consumer Rationality and outline the conditions that must be fulfilled for consumer rationality

Define the term Consumer Rationality and outline the conditions that must be fulfilled for consumer rationality

Answers

Francis
Consumer rationality is a condition when a consumer makes choices mostly based on his or her preferences where the consumer chooses alternatives that he mostly prefer.
Conditions for consumer rationality:
-If the consumer aims at maximization of his or her utility.
-If the consumer's income and market prices are present.
-If the consumer is certain of all the relevant and required information.
franco crick answered the question on March 9, 2018 at 16:54

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