Consumers Are Less Responsive to Price Increases When a Good

question 36

Multiple Choice

Consumers are less responsive to price increases when a good is a:

• A) large share of their budget.
• B) frequently advertised item.
• C) necessity.
• D) branded good.

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Definitions:

Sight

The ability to see; the visual perception of the environment.

Touch

A sensation perceived by the skin, allowing individuals to experience pressure, temperature, and pain.

Taste

Taste refers to the capability to perceive flavors through the sensory organs in the mouth, such as the taste buds.

Electrically Stimulated

The process of applying electrical impulses to a part of the body or brain to provoke a response or activity.