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Consumption expenditure includes household expenditures on
a. durable goods, consumer services, and home renovations.
b. durable goods, consumer services, and new homes.
c. wages, rent, and interest income.
d. durable goods, consumer services, and an implicit price for housework.
e. durable goods, nondurable goods, and consumer services.
How can behavioral economics be used in consumer research?
Behavioral economics refers to the study of how people act in real-world situations, such as their ability for decision-making, by connecting the concepts of economics with psychology.
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