Are consumers only interested in making themselves as well off as possible in a material sense? Consumers are

A. also concerned with fairness as exemplified by tipping in restaurants that will never be visited again.

B. only concerned with their own financial well-being as exemplified by only parting with money when required.

C. also concerned with fairness as exemplified by network externalities.

D. only concerned with their own utility as exemplified by social influences having no effect on decision-making.

E. only concerned with their own utility as exemplified by only tipping in restaurants that will be visited again.

Question

Business

Reeve

6 November, 14:19

Are consumers only interested in making themselves as well off as possible in a material sense? Consumers are

A. also concerned with fairness as exemplified by tipping in restaurants that will never be visited again.

B. only concerned with their own financial well-being as exemplified by only parting with money when required.

C. also concerned with fairness as exemplified by network externalities.

D. only concerned with their own utility as exemplified by social influences having no effect on decision-making.

E. only concerned with their own utility as exemplified by only tipping in restaurants that will be visited again.

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Answers (1)

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Aggie · Answer 1

A. also concerned with fairness as exemplified by tipping in restaurants that will never be visited again.

Explanation:

No, consumers are not only interested in making themselves as well off as possible. If that could be the case, they would not be giving away money to the homeless or the poor because such acts of kindness realistically means a cash outflow; they are left with less money. However, consumers are also concerned with acts of fairness and that explains tipping at restaurants or food delivery drivers for example even if they won't be ordering again.