Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
20th Edition
ISBN: 9780134531984
Author: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
Publisher: PEARSON
Question
Book Icon
Chapter 7, Problem 3DQ
To determine

The difference in size-labeling system and the reason behind the difference. Does the lack of uniform sizing mean customers are being deceived?

Concept introduction:

Demand:

The willingness of a consumer to buy a commodity or a service backed with his purchasing power is known as demand.

Supply:

A particular amount of product available in the market at a particular price is known as supply.

Explanation:

If dress sizes available today are compared with those available in the 1950s, then there is a change in clothing size for the same label. This change is because of change in the taste of consumers, as earlier people use to put on loose clothes, but in recent times people love to wear more fitted and stretchable clothes.

So garment manufacturers need to respond to the changing tastes of consumers and so blaming them for responding to demand would not be construed as fair. Giving consumers what they want cannot be termed as consumer deception.

Blurred answer

Chapter 7 Solutions

Economics of Public Issues (20th Edition) (The Pearson Series in Economics)

Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:9780190931919
Author:NEWNAN
Publisher:Oxford University Press
Text book image
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Text book image
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education