All of the following influence whether a consumer buys more of a good EXCEPT:

Choose 1 answer:
(A) a change in the good's price
(B) how much other goods cost
(c) how much the consumer previously spent on the good

D whether or not it is legal to buy more of the good
(E) how much income the consumer has to spend

Question

All of the following influence whether a consumer buys more of a good EXCEPT:

Choose 1 answer:
(A) a change in the good's price
(B) how much other goods cost
(c) how much the consumer previously spent on the good

D whether or not it is legal to buy more of the good
(E) how much income the consumer has to spend

Accepted Answer

∻Solution∻ ‖ a ⋮ Change in Good's Price: A change in the price of a good directly affects the quantity demanded according to the law of demand. ‖ ‖ b ⋮ Cost of Other Goods: The prices of substitute or complementary goods can influence a consumer's decision to buy more or less of a good. ‖ ‖ c ⋮ Previous Spending: How much a consumer previously spent on a good does not influence their current decision to buy more of it. ‖ ‖ d ⋮ Legality: Whether or not it is legal to buy more of a good can affect consumer behavior, as illegal goods are less likely to be purchased. ‖ ‖ e ⋮ Income: The amount of income a consumer has determines their purchasing power and ability to buy more of a good. ‖ ∻Answer∻ ⚹ (C) how much the consumer previously spent on the good ⚹ ∻Key Concept∻ ⚹ Factors Influencing Consumer Buying Behavior ⚹ ∻Explanation∻ ⚹ The amount a consumer previously spent on a good does not affect their current decision to buy more of it. Other factors like price changes, the cost of other goods, legality, and income are more influential. ⚹◊What is the impact of changes in a consumer's income on their demand for a good in the context of microeconomics?⍭ Generate me a similar question◊

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