Examlex
Which of the following factors related to pricing is concerned primarily with how consumers perceive various prices or price changes?
Substitution
The act of replacing one item or choice with another due to differences in price, availability, or quality, influencing consumer behavior and market dynamics.
Productive Resources
The resources utilized in the creation of products and services, such as land, workforce, funds, and entrepreneurial skills.
Demand
The amount of a product or service that buyers are ready and capable of buying at different price levels over a specific time frame.
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