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The type of a good consumer chooses depends on

The type of a good consumer chooses depends on Correct Answer All of the above

The correct answer is All of the above.

  • It is observed that the amount of a good that the consumer chooses depends on the four variables 
    • price of the good itself,
    • the prices of other goods,
    • the consumer’s income
    • Consumer's tastes and preferences.
  • Whenever one or more of these variables changes, the quantity of the good chosen by the consumer is likely to change as well.
  • The price of the good itself is a very important determinant of the choice of the consumer because it impacts the expenditure budget of the consumer.
  • The price of other goods also impacts the choice of the consumer because if there are other homogenous goods available in the market at the same or competitive price than consumer choice may shift towards that good.
  • Consumer's income has a direct impact on the choice of good because income is the only factor which decides its spending capacity of the consumer and category of goods consumer choose.
  • Consumer's tastes and preferences decide which good is suitable for the consumer.

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