Psychology and sociology focus on what creates desires for goods, but economics focuses on what consumers actually purchase.
Answer the following statement true (T) or false (F)
True
Economics focuses on what consumers actually purchase and how changes in income and prices affect those purchases. Psychology and sociology focus on factors such as ego or social status that may create desires.
You might also like to view...
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
How has the widespread availability of news on the web, which decreased the demand for newspaper workers, affected the wages of the works?
A. Wages decreased. B. Wages stayed the same. C. Wages increased. D. Wages are not affected by this.
Explain the concept of zero lower bound
What will be an ideal response?
In the context of consumer choice theory, utility means:
a. usefulness. b. satisfaction. c. practicality. d. boring. e. action.