. It is possible to predict with certainty how a given individual will respond to a price change.

Question

Quizplus · Accepted Answer

It is not possible to predict with certainty how a given individual will respond to a price change because people have different preferences, incomes, and other factors that can influence their buying decisions. While some individuals may be sensitive to price changes and switch to cheaper alternatives, others may not be affected at all and continue to purchase the same product or service. Therefore, it is important for businesses to study consumer behavior and conduct market research to understand how different segments of their target audience are likely to respond to price changes.

It Is Possible to Predict with Certainty How a Given