Factors That Determine Consumers' Willingness and Ability to Pay for Products

question 51

Multiple Choice

Factors that determine consumers' willingness and ability to pay for products and services are referred to as

• A) supply factors.
• B) demand factors.
• C) affordability factors.
• D) elasticity factors.
• E) macro environmental factors.

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Definitions:

Spontaneous Recovery

The reappearance of a previously extinguished response after a period of non-exposure to the conditioned stimulus.

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Spontaneous Recovery

The reappearance of a previously extinguished conditioned response after a period of time without exposure to the conditioned stimulus.

Classical Conditioning

The process of acquiring knowledge by associating a naturally existing stimulus with one from the environment.