Question: Discuss consumer behavior and how people respond to price changes. Please include vocabulary including consumer preferences, consumer opportunities, and marginal rate of substitution indifference curve.

Discuss consumer behavior and how people respond to price changes. Please include vocabulary including consumer preferences, consumer opportunities, and marginal rate of substitution indifference curve.

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Pricing a product is completely dependent on two strategies Opportunity cost principle Willingness to pay by the customers Willingness to pay is depen... View full answer

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