The Evoked Set Model of Evaluating Alternatives Suggests That Consumers

question 103

True/False

The evoked set model of evaluating alternatives suggests that consumers will buy products they used and liked in the past.

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Definitions:

Highly Elastic

refers to the sensitivity of demand or supply to changes in price or other factors, where a small change can cause a significant change in the quantity demanded or supplied.

Highly Inelastic

Describes a situation where supply or demand for a product or service is relatively unresponsive to changes in price.

Unit Elasticity

A situation where a change in the price of a good or service results in a proportional change in the quantity demanded or supplied.

Income Elasticity

A measure of how much the demand for a product changes in response to a change in consumers' income.