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