When Customers Have to Pay the Bill Themselves, They Are

question 79

True/False

When customers have to pay the bill themselves, they are likely to be more price sensitive.

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Definitions:

Opportunity Cost

Opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Marginal Product

Describes the additional output that is produced by using one more unit of a factor of production, holding all other factors constant.

Marginal Cost

The supplementary cost that arises when one additional unit of a product or service is produced.