Weber's Law States That ________

question 110

Multiple Choice

Weber's law states that ________.

• A) the stronger the initial stimulus, the weaker the second stimulus must be to exceed the JND
• B) the JND of a second stimulus is inversely related to the strength of the original stimulus
• C) the stronger the initial stimulus, the greater the second stimulus must be to exceed the JND
• D) consumers who buy the same products regularly are more likely than those who buy less frequently to notice changes in price, packaging, or product attributes
• E) the more information consumers are given about a particular product, the more likely they are to purchase that product

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Definitions:

Target Pricing

A pricing strategy where the selling price is determined based on the estimated price a consumer is willing to pay, rather than on the cost of production or the market average.

Prestige Pricing

A pricing strategy where goods are priced higher than normal to invoke perceptions of quality and exclusivity, aimed at attracting status-conscious consumers.

Cost-Plus Pricing

Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.

Yield Management Pricing

A strategic pricing approach used in industries like airlines and hotels, where prices are adjusted in real-time based on demand, with the aim of maximizing revenue.