When Consumers Shift Away from Relatively Higher Price Goods and Services

question 352

Multiple Choice

When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the

• A) principle of utility.
• B) principle of substitution.
• C) principle of supply.
• D) principle of increasing opportunity costs.

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Definitions:

Microsegment

A very specific group of customers within a market, characterized by particular and distinct preferences or needs.

Big Data

Massive datasets that can be examined through computational methods to uncover patterns, trends, and relationships, particularly in the context of human behavior and interactions.

Traditional Database

A database system that follows a fixed schema, storing data in tables that are linked by defined relationships, frequently used in relational database management systems (RDBMS).

Big Data

Refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.