Consumers Economize on Products and Services That Become More Expensive

question 4

True/False

Consumers economize on products and services that become more expensive by switching to substitutes.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposing that human needs are prioritized in a pyramid structure, from basic physiological needs to self-actualization.

Self-Actualising Individuals

People who are realizing their potential, capabilities, and talents fully, often associated with peak experiences and fulfilling their personal goals.

Congruence

In psychology, the matching between an individual's inner feelings and their outward expressions.

Unconditional

Not subject to any conditions or limitations; absolute.