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Question
Socio-cultural theory is formulated by _____________.
Socio-cultural theory is formulated by _____________.
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Solution
The correct option is B T. Veblen
Thorstein Veblen was an American economist and sociologist who proposed the effects of conspicuous consumption in the business. According to his theory there are many goods which are status oriented and as the price of these goods are increased, their demand also increases substantially.
Thorstein Veblen was an American economist and sociologist who proposed the effects of conspicuous consumption in the business. According to his theory there are many goods which are status oriented and as the price of these goods are increased, their demand also increases substantially.
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