Describe nine laws that influence buyer's price sensitivity.

There are several laws that influence a buyer's price sensitivity in the field of Buying and Merchandising. These laws govern consumer behavior and impact how buyers perceive prices, making them essential for understanding pricing strategies. Nine of these influential laws are:

1. The Law of Diminishing Marginal Utility: This law states that as a buyer consumes more of a product or service, the satisfaction or utility derived from each additional unit decreases. Consequently, buyers are less willing to pay higher prices for products they already own in abundance. For example, the more clothes a person buys, the less willing they are to pay a premium for additional items, making them more price-sensitive.

2. The Law of Substitution: According to this law, if the price of a product rises, consumers will often substitute it with __________ _______ ________ __________ _____ _____ ______ _______ __________ ______ __________ ___.
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