The concept of diminishing marginal utility states that the more of an item you consume within a given period of time the less utility you derive from each additional unit.
The law of demand states that when price of a product decreases the quantity of purchases increases therefore the sales volume will be higher.
Rational people think at margins states that while making choices people compare between the alternatives available and choose the one that gives more Marginal net benefit.
People respond to incentives states that when people are confronted with incentives they tend to react to it or try out the product.
The law of supply states that as prices increases the supply by the producer to the market also increases inorder to increase revenue.
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