A retailer decides to reduce the price of a jacket that normally costs $98.The reduction in price is $3.The storeowner believes that the reduction will catch the eye of the value shopper.If the jacket does not sell,the retailer might wish to consider which of the following before making another price change?
A) Subliminal perception
B) The figure-ground principle
C) The golden triangle
D) Weber's law

Question

Quizplus · Accepted Answer

Weber's law states that the amount of change needed in a stimulus to notice a difference is proportional to the original intensity of that stimulus. In this case, if the retailer wishes to make another price change, they should consider how much of a price reduction is needed for the customer to notice a difference and be enticed to purchase the jacket. Weber's law can help guide the retailer in making an informed decision about how much of a price change is necessary.

A Retailer Decides to Reduce the Price of a Jacket