A Measure of the Responsiveness of Demand for a Product

question 36

Multiple Choice

A measure of the responsiveness of demand for a product to change in price is referred to as

• A) arbitrage demand.
• B) predatory pricing.
• C) price elasticity of demand.
• D) experience curve pricing.

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Definitions:

Shaping

A method in behavioral psychology where successive approximations of a target behavior are reinforced until the desired behavior is achieved.

Successive Approximations

A technique used in behaviorist psychology, involving the reinforcement of behaviors that are increasingly similar to the desired behavior.

Operant Conditioning

A method of behavior modification where the intensity of an action is influenced by positive or negative reinforcement.

Shaping

A method of positive reinforcement of behavior patterns in operant conditioning.