Exams › SSC CGL (Prelims) › General

Which of the following refers to the extent to which demand for a particular commodity decreases because others are also consuming the same commodity?

1. Snob effect
2. Demonstration effect
3. Bandwagon effect
4. Veblen effect

Correct answer: Snob effect

Solution

The snob effect describes a fall in demand for a good when it becomes popular among many consumers. People with this preference avoid goods that are widely consumed by others.

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