Customers Usually Have a Lower Price Threshold Below Which Prices

question 130

True/False

Customers usually have a lower price threshold below which prices signal inferior or unacceptable quality, as well as an upper price threshold above which prices are prohibitive and the product appears not worth the money.

---

Definitions:

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into five levels, from basic survival needs to self-actualization.

Intellectual Pursuits

Activities that involve serious study or application of ideas, concepts, and theories, often for personal growth or academic achievement.

Choice Architecture

The design of environments in which choices are presented to consumers, influencing the decision-making process.