Consumers Are Less Price Sensitive ________

question 103

Multiple Choice

Consumers are less price sensitive ________.

• A) to high cost items
• B) when they frequently change their buying habits
• C) when there are more substitutes
• D) when there are more competitors
• E) when they do not readily notice higher prices

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Definitions:

Real Losses

Actual losses or deficits experienced, typically referring to tangible items or aspects in one's life, such as money, job, or relationships.

Circular Flow

A model that depicts the continuous movement of money, goods and services, and factors of production between producers and consumers, within an economy.

Local Incomes

The amounts of money earned by individuals or households in a specific local area, which can reflect the economic conditions of that region.

Scarcity

The limited availability of resources to meet unlimited wants and needs.