Any individual who purchases products or services for his personal use and not for manufacturing or resale is called a consumer. A consumer is one who is the decision maker whether or not to buy an item at the store, or someone who is influenced by advertisement and marketing.

A consumer is an important participant in the market. In case of consumer exploitation, the rights of the consumer must be protected. There are six consumer rights as mentioned in the regulatory Consumer Protection Act of 1986. The concept of consumer protection and the meaning of the rights is explained in this lesson

(25 points) With some services (e.g. checking accounts, phone service, or pay TV), a consumer is offered a choice of two or more payment plans. One can either pay a high entry fee and get a low price per unit of service or pay a low entry fee and a high price per unit of service.

Consumer Awareness is the process of making the consumer of goods and services aware of his rights. It involves educating a consumer about safety, information and the redressal options available to him. As previously discussed consumer awareness is one of the most persistent problems the government faces when it comes to consumer protection.

As they say "Consumer is King" and he must also be treated as one. The exploitation of consumers by companies that only chase the profit maximization motive needs to stop. India even has a Department of Consumer Affairs and many other organizations and NGOs in pursuit of consumer protection. Let us take a look.

Which of the following is true for a monopolist that engages in perfect price discrimination? a. There is more consumer surplus than exists with a regular monopoly. b. The firm sells the profit-maximizing quantity of the regular monopolist but charges each consumer a price higher than the regular monopoly price. c.

Summarize the ethics of your individual consumer choices from a personal perspective. Identify the ethical principle(s) most relevant for you to consider when consuming resources. (These resources can include water, oil, energy, food, money, …

The consumer’s choice is expected to be either transitive or consistent. It is always not possible. Types of Utility. It is basically of three types. Total. The sum of the total satisfaction from the consumption of specific goods or services. It increases as more goods are consumed. Total Utility (T.U.) = U 1 + U 2 + … + U n. Marginal

The consumer purchases these consumer products to satisfy his personal needs and desires. Some examples of consumer products are toothpaste, eatables, textiles, computers etc and various such products. Now there are many types of consumer products as well. Let us take at the classification of consumer goods based on the shopping effort involved:

Act of responsibility- Consumer must use the products purchased in a way that doesn't negatively impact the environment or other consumers. Consumers should follow the product instruction and safety labels, to avoid harming others with the use of the item.