Which of the Following Sets the Lower Limit for a Product's

question 79

Multiple Choice

Which of the following sets the lower limit for a product's pricing?

• A) product costs
• B) profits
• C) competition
• D) elements of the product mix
• E) consumer perceptions of value

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Definitions:

Rewarded Responses

Behaviors or actions that receive positive reinforcement, which increases the likelihood of the behavior being repeated in the future.

Punished Responses

Behaviors that decrease in frequency because they are followed by unpleasant consequences.

Operant

In Skinner’s system, an instrumental response that is defined by its effect (the way it operates) on the environment.

Swallowing

The process by which food or liquid is moved from the mouth through the pharynx and into the esophagus.