31. A consumer is likely to be more sensitive to the price of a product or service when:

a. the buying behavior is habitual

b. the consumer perceives the product or service with a certain reference price in mind

c. higher prices do not mean higher value

d. no prior investment been made in the product or service

e. the consumer is aware of substitutes

32. In the competitive forces at work (or Five Forces Model) as developed by Michael Porter,

a. the power of suppliers includes, for example, providers of raw materials for manufacturing

b. the power of buyers includes, for example, retailers to consumers of finished goods and services c. the power of substitutes includes, for example, government intervention in failing markets

d. "a" and "b" are correct

e. "a," "b" and "c" are correct