Final answer:
Consumer behavior is the interdisciplinary study of how individuals make decisions about the purchase, use, and disposal of goods and services, often within the constraints of a budget to maximize total utility.
Step-by-step explanation:
Consumer behavior is an interdisciplinary field that combines elements from psychology, sociology, and economics to understand the actions and decision-making processes of individuals or entities regarding the purchase, use, and disposal of goods and services. Specifically, in the context of microeconomics, it examines how consumers make choices within their budget constraints to maximize total utility, or satisfaction. This includes the study of how different price levels can influence the value perception and decision-making of individuals—a fundamental concept of behavioral economics. Ultimately, understanding consumer behavior helps businesses and policymakers craft strategies that better cater to customer needs and economic realities.