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Current data from neurobiology research suggest that
Price Searchers
Firms or individuals who determine their selling price based on the demand and supply conditions of the market, rather than being price takers.
Downward-sloping Demand
Refers to the economic principle that, all else being equal, as the price of a good or service decreases, the quantity demanded increases.
Inelastic Demand
A condition in market dynamics where the demand for a product does not significantly change with a change in the product's price.
Competitive Price-searcher
An economic term for a seller that sets its product prices based on what competitors are charging, within a competitive market environment.
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