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

question 90

Multiple Choice

When estimating demand, price is not the only factor to be considered. Three other elements are emphasized by economists, one of which is

• A) consumer tastes.
• B) legislative changes.
• C) size of the target market.
• D) current political stability.
• E) promotional methods.

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Definitions:

Relearning

The process of learning material or skills that were previously learned and then forgotten.

Encoding Specificity Principle

A principle in psychology that suggests the recall of information is more effective when the context at the time of encoding matches the context at the time of retrieval.

State-Dependent Memory

The phenomenon where information learned in a particular state or context is better recalled when in that same state or context.

Priming

A psychological effect whereby exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.