On the Basis of Research Evidence, the Two Basic Needs

question 12

Multiple Choice

On the basis of research evidence, the two basic needs categories are:

• A) tangible and intangible needs
• B) physiological and psychological needs
• C) higher-order and lower-order needs
• D) extrinsic and intrinsic needs
• E) realized and unrealized needs

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Definitions:

Willingness To Pay

The highest price a consumer is willing to pay for a product or service, indicating its worth to them.

Price Discrimination

A pricing strategy where identical or very similar goods or services are sold at different prices by the same provider in different markets or to different customers, based on differences in price sensitivity.

Monopolist

An individual or entity that is the sole provider of a particular good or service, possessing significant control over market prices and output.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors like demand, income level, or purchase volume.