Juan noticed that the price of his favorite brand of soft drink decreased so he purchased more than he usually would have purchased. This is an example of which concept?
A) mere exposure effect
B) just meaningful difference (JMD)
C) subliminal effect
D) Weber's Law
E) selective distinction

Question

Quizplus · Accepted Answer

The concept of Just Meaningful Difference (JMD) suggests that consumers are more likely to notice a difference in a product's price (e.g. a decrease in price) if it exceeds a certain threshold. In this case, the decrease in price was likely large enough to be considered a JMD, leading Juan to purchase more of the soft drink than he usually would have.

Juan Noticed That the Price of His Favorite Brand of Soft