Neelam Kumari posted an Question
April 30, 2021 • 00:38 am 250 points
  • UGC NET
  • Commerce

When consumers seek to be different and exclusive by demanding less of a community as more people consumers it. this phenomenon is known as..

when consumers seek to be different and exclusive by demanding less of a community as more people consumers it. This phenomenon is known as..

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  • Archana sharma

    Snob effect - means when a product becomes common among all, some people( usually status seeking rich people) decrease or altogether stops its consumption.

  • Rucha rajesh shingvekar best-answer

    The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level.

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