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