A) Average price of a product B) Responsiveness of quantity demanded to a change in price C) Total quantity demanded for a product D) Profit margin of a product
A) Unitary elastic demand B) Perfectly elastic demand C) Perfectly inelastic demand D) No demand for the product
A) Unitary elastic B) Elastic C) Perfectly elastic D) Inelastic
A) In the short-term, demand tends to be more elastic than in the long-term B) Short-term elasticity usually exceeds long-term elasticity C) Time frame has no impact on price elasticity of demand D) In the short-term, demand tends to be less elastic than in the long-term
A) To set optimal pricing strategies B) To increase advertising expenditure C) To maximize production efficiency D) To focus on product quality
A) Consumer income B) Availability of substitutes C) Production cost D) Advertising budget
A) Giffen good B) Inferior good C) Luxury good D) Normal good
A) Price / Quantity demanded B) Total quantity demanded * Price C) Change in demand / Change in price D) Percentage change in quantity demanded / Percentage change in price
A) Substitutes B) Normal goods C) Inferior goods D) Complements |