The Measure of How Willing Consumers Are to Buy Less

question 87

Short Answer

The measure of how willing consumers are to buy less of a good as its price rises is called

---

Definitions:

Subjective Terms

Refers to language or descriptions that are influenced by personal feelings, opinions, or interpretations rather than objective facts.

Self-fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

Physical Disabilities

Impairments that substantially limit one or more of an individual's major life activities, involving the body or physical function.

Human-Behavior Interaction

The dynamic interplay between human activities and actions and their impacts or effects in social, environmental, or technological contexts.