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COGNITIVE DISSONANCE: Also called buyer's remorse. This post-purchase behavior is more likely to happen when the purchase is a more expensive one. The consumer may experience some regrets or questioning as to whether the purchase was a good one. This is the fifth step in the decision making process. Marketers can help eliminate this by properly selling the product and doing a follow-up to help reinforce the buyer's "good" decision.

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Lesson 5: Market Demand | Unit 1: Buying Basics Page: 2 of 20

Topic: Demand Price <=PAGE BACK | PAGE NEXT=>

More we need to consider about demand. First the demand price.

Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.

  • The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
  • Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
  • The maximum demand price is based on the fact of economic life that people prefer more to less.

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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS

In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.

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