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Scott, a young professional, buys a new BMW, even though a Mercedes would have cost him less. Scott values the BMW brand. This is an example of

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Answer:

The correct response will be "Paying a premium price ".

Explanation:

  • Each consumption has the fundamental economic intention of obtaining products that have the highest possible and the limit requirements at the lowest competitive prices.
  • And therefore, satisfied customers frequently ignore that instinct because some other manufacturer is still connected to something like the commodity.