consumer preference

More Like This

Show all results sharing this subject:

  • Business and Management


Show Summary Details

Quick Reference

The way in which consumers in a free market choose to divide their total expenditure in purchasing goods and services. Using a limited number of assumptions, an individual's preferences can be built up into a utility function (see consumer theory). Applying price theory to the utility functions of individuals enables a model to be constructed of the behaviour of markets in an economy.

Subjects: Business and Management.

Reference entries

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.