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