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