a. Describe the concept of subjective price and contrast it with the concept of price elasticity. Use an example related to the pricing of legal services.
b. How should a firm act if a consumer perceives its products to be priced higher than they actually are?

Question

a.	Describe the concept of subjective price and contrast it with the concept of price elasticity. Use an example related to the pricing of legal services.
b. How should a firm act if a consumer perceives its products to be priced higher than they actually are?

Quizplus · Accepted Answer

The Answer of a.	Describe the concept of subjective price and contrast it with the concept of price elasticity. Use an example related to the pricing of legal services.
b. How should a firm act if a consumer perceives its products to be priced higher than they actually are?

A Describe the Concept of Subjective Price and Contrast It with the Concept