Consumers Are Particularly Price-Responsive When

question 147

Multiple Choice

Consumers are particularly price-responsive when:

• A) it is difficult to substitute across suppliers and prices are high.
• B) prices are low and they have little time to change their consumption patterns.
• C) a product has many substitutes and they have a long time to adjust their consumption.
• D) there are few substitute goods available for a product, and they have a short time horizon to adjust their consumption.

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Definitions:

Michel Foucault

A French philosopher known for his critical studies of social institutions and his theories on power and knowledge.

Necessary Outcome

Necessary outcome refers to an effect or result that is certain to happen as a consequence of specific actions, conditions, or other outcomes.

Frederic Jameson

An American literary critic and Marxist political theorist known for his analysis of contemporary cultural trends and the concept of postmodernity.

Postmodern Society

A social order characterized by a diverse, decentralized, and often skeptical approach to narratives of progress, truth, and the concept of a unified social theory.