When Estimating Demand, Price Is Not the Only Factor to Be

question 14

Multiple Choice

When estimating demand, price is not the only factor to be considered. Three other elements emphasized by economists are consumer tastes, price and availability of similar products, and

• A)consumer income.
• B)consumer psychographics.
• C)size of the target market.
• D)current political agendas.
• E)green substitutes.

---

Definitions:

Tit For Tat

A strategy in game theory where an agent responds to a competitor's previous move with an identical action, often used as a model for the evolution of cooperative behavior.

Fundamental Attribution Error

The tendency to overestimate the role of personal characteristics and underestimate the situational factors when explaining others' behaviors.

Pluralistic Ignorance

A psychological phenomenon in which individuals mistakenly believe that their own attitudes and beliefs are different from those of the majority, often leading to conformity.

Social Psychologists

Experts who study how individuals' thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.