Posted: April 11th, 2017

According to John Kenneth Galbraith, the theory of consumer demand is based on the following broad assumption(s):

According to John Kenneth Galbraith, the theory of consumer demand is based on the following broad assumption(s):
I. Socialism will work in all societies because consumers are willing to share their wealth.
II. The urgency of wants does not diminish as more of them are satisfied.
III. Wants originate in the personality of the consumer.
a. I only
b. I and II
c. III only
d. II and III