Consider the Price Elasticity of Demand

question 46

True/False

Consider the price elasticity of demand. If a product has price elasticity less than one, it is considered to have relatively elastic demand.

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Definitions:

Distribution

The process of making a product or service available for the consumer or business user who needs it, including storage, transportation, and delivery.

Place

In marketing, one of the four P's, referring to the distribution or location strategy for making a product or service available to consumers.

Basic Necessities

fundamental needs required for sustaining human life, including food, water, shelter, and clothing.

Deprived

refers to a lack of the necessary resources, rights, goods or capabilities which are considered normal or sufficient by the society in which an individual, group or area lives.