Consumers Exhibit Less Price Sensitivity for All of the Following

question 113

Multiple Choice

Consumers exhibit less price sensitivity for all of the following reasons EXCEPT which one?

• A) when the product they are buying is unique
• B) when substitutes are hard to find
• C) when the product in question is in high demand
• D) when the total expenditure for a product is high relative to their income

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Definitions:

Ordinary Prudence

A standard of care that refers to the caution, attention, or skill a reasonable person would use under similar circumstances.

Standard Of Reasonable Care

A legal benchmark which dictates the level of care an ordinary, prudent person should take in a specific situation to avoid harm to others.

Blind Person

An individual who lacks visual perception due to physiological or neurological factors beyond normal refractive errors.

Reasonable Person Standard

A legal standard used to determine what a hypothetical reasonable person would do in a particular situation.