In economics, it is generally assumed that consumer is rational. The consumer have well defined preference over a set of available bundle. He always tries to maximize his satisfaction or attain the optimum level. Diagrammatically illustrate the consumer optimum.
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Consumers are rational in selecting the products they will buy, because a consumer will always search for a product which best suites his needs as well as satisfies his or her money which shall be paid in exchange for the product.
Explanation:
When there are many markets manufacturing the same item and selling in the market, they have a string competition, the consumers of those products shall be depending on the quality as well as the price of the products. There shall be no bias as because consumer will always buy the product which is gives best value to its money.
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