When the Demand for a Product Is Said to Be

question 41

Multiple Choice

When the demand for a product is said to be perfectly inelastic, it implies that:

• A) the sales of the product are very sensitive to changes in price.
• B) the demand curve for the product is relatively flat.
• C) the profit per-unit increases with an increase in price.
• D) with a change in price, change in quantity demanded is zero.
• E) as price increases, the quantity demanded increases.

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Definitions:

Situational Analysis

The process of assessing an organization's internal and external environment to understand its capabilities, customers, and business environment.

Grand Strategy

A comprehensive plan of action developed by a state or organization to achieve long-term objectives and fulfill overarching goals.

Organization Environment

Pertains to the external and internal factors influencing an organization's operations, including economic, technological, social, and political elements.

Situational Analysis

Situational analysis refers to the process of evaluating the current state of a situation or environment to make informed decisions.