The Tendency for Consumers to Purchase More of a Good

question 129

Multiple Choice

The tendency for consumers to purchase more of a good or service as its price falls is captured by:

• A)the law of supply.
• B)the law of increasing cost.
• C)the Low-Hanging Fruit Principle.
• D)the law of demand.

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Definitions:

Observations

The action or process of closely monitoring or noting phenomena to gain information.

Variables

Elements, characteristics, or factors that can change and affect the outcome of a study or experiment.

Hawthorne Effect

Modification of behavior by study participants due to their awareness of being observed, highlighting the influence of observation on research outcomes.

Reactivity

The extent to which people alter their behavior or responses due to being observed or knowing they are being studied.