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Q1. During the purchasing decision, evaluation stage, the consumer forms preferences among the brands in the choice set. There are two models which help the consumer to reach to the right decision compensatory and non-compensatory. Define them and explain how does the later help the consumer in recommending a car among three brands? Assume which the total features which are steering the consumer's selection are: the no. of seats as the engine performance, availability of spares parts also preferences of people toward the car.
Q2. Why were the organizers of the U.S. suspicious of absolute democracy?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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