Examlex
Discuss the steps in analyzing competitors.
Variable Cost
Costs that vary directly with the level of production or with volume of output.
Inelastic Demand
A market situation where the demand for a product does not significantly change with a change in its price.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, meaning that a small change in price results in a large change in the quantity demanded.
Fixed Cost
Costs that do not vary with the level of production or sales activities, such as rent or salaries.
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