Describe nine laws that influence buyer’s price sensitivity.

Understanding the factors that influence buyer's price sensitivity is crucial in the field of Buying and Merchandising. Various laws and principles shape how consumers perceive and respond to pricing strategies. Here are nine laws that play a significant role in influencing buyer's price sensitivity:

1. Law of Demand:
   According to the Law of Demand, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases. Buyers are generally more sensitive to price changes when the product or service is a luxury or non-essential item.

2. Law of Diminishing Marginal Utility:
   This law states that as a person consumes more units of a good or service, the additional satisfaction derived from each additional unit decreases. Buyers ________ __________ __________ ______ _____ ___ __________ _________ __________ _________ _________.
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