The value of the product or service is enhanced as the number of individuals using it increases. What effect is this?

CA Foundation · Business Economics · PYQS · May 2025
The value of the product or service is enhanced as the number of individuals using it increases. What effect is this?
(A) A. Veblen Effect
(B) B. Bandwagon Effect
(C) C. Income Effect
(D) D. Snob Effect

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. Bandwagon Effect

Topics: Theory of Demand and Supply

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