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