The 'bandwagon effect' in consumer behaviour refers to: MCQ with Answer and Explanation

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The 'bandwagon effect' in consumer behaviour refers to:

A. buying goods to be different

B. buying only inferior goods

C. buying goods because others are buying them

D. buying fewer goods when prices fall

Answer: Option C

Solution (By JKSSB Mock Tests)

The bandwagon effect occurs when consumers buy more of a good because others are buying it.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Third Five Year Plan' period was:

A. 1956-1961

B. 1961-1966

C. 1966-1971

D. 1969-1974

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Correct Answer: Option B

Explanation:
The Third Five Year Plan covered 1961-1966.

This question belongs to: Economy GK Economy Set 1

Question #2

If demand for a good is perfectly inelastic, a tax on the good will be borne:

A. by the government

B. equally by buyers and sellers

C. entirely by sellers

D. entirely by buyers

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Correct Answer: Option D

Explanation:
With perfectly inelastic demand, buyers bear the entire tax burden because quantity demanded does not change.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of cost, the relationship between Average Cost (AC) and Marginal Cost (MC) is:

A. When MC < AC, AC is rising

B. When MC = AC, AC is minimum

C. MC is always greater than AC

D. When MC > AC, AC is falling

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Correct Answer: Option B

Explanation:
When Marginal Cost equals Average Cost, Average Cost is at its minimum. If MC is below AC, AC falls; if MC is above AC, AC rises.

This question belongs to: Economy GK Economy Set 1

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