Prueba 1

What is demand in microeconomics?

Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

What is the law of demand?

The law of demand states that, all else being equal, as the price of a good decreases, the quantity demanded increases, and vice versa.

What are non-price determinants of demand?

Non-price determinants of demand are factors that can shift the demand curve, including consumer preferences, income levels, the prices of related goods, expectations, and demographic changes.

What are cognitive biases in decision-making?

Cognitive biases are systematic patterns of deviation from norm or rationality in judgment, affecting decisions and choices.