Economics · Consumer Behaviour
According to Harvey Leibenstein, the 'Bandwagon Effect' in consumer demand theory shows that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Consumers purchase only luxurious goods when they are available at low prices.
- 2Consumers purchase products only when their prices are extremely high to showcase status.
- 3Consumers refuse to follow the law of demand completely.
- 4Consumers imitate other consumers in their demand functions to fit into a style or group.✓
Correct answer
Consumers imitate other consumers in their demand functions to fit into a style or group.
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