Price Elasticity of Demand Is Determined by a Number of Factors

question 78

Multiple Choice

Price elasticity of demand is determined by a number of factors such as the availability of substitutes,the cash outlay of purchase relative to a person's disposable income,and

• A)the stage of the product or service in its product life cycle.
• B)the degree of carrying costs for the manufacturer or distributor.
• C)the financial resources of the organization itself.
• D)the ability of the organization to meet sudden increases in demand.
• E)the necessity of the product or service.

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Definitions:

Tort Of Nuisance

A legal claim arising from an act that unlawfully interferes with the use and enjoyment of one's property.

Tort Of Battery

A legal term for the intentional and unlawful physical contact or harm to another person without their consent.

Civil Action

A legal proceeding in which one private party sues another for personal harm or damage, in contrast to a criminal prosecution.

Duty Of Care

The legal obligation to avoid acts or omissions that could foreseeably cause harm to others.