If consumer expectations of a branded product are met: a) consumers are willing to pay more...
If consumer expectations of a branded product are met:
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Homework Answers
If consumer expectations of a branded product are met:
- (a.) Consumers are willing to pay more for the product.
Explanation
If consumer expectations of a branded product are met, it trust on that branded product become more strong. In such situation demand for that branded product become relatively less elastic. which means, small change in price of a branded product does affect demand for that product. In other words, when consumer expectations of a branded product are met, Consumers are willing to pay more for the product.
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