The Most Important Determinant of the Elasticity of Demand Is

question 205

Short Answer

The most important determinant of the elasticity of demand is ___________.

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Definitions:

Attitude

A psychological construct consisting of feelings, beliefs, and behavior tendencies directed towards people, objects, or ideas.

Fundamental Attribution Error

The tendency to overestimate the influence of personal traits and underestimate the role of situations when explaining other people's behavior.

Cognitive Dissonance

The mental discomfort experienced when holding two or more conflicting cognitions (ideas, beliefs, values, emotional reactions).

Peripheral Route Persuasion

A mode of persuasion wherein individuals are influenced by superficial cues rather than message content.