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