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