If Demand Changes Greatly with a Small Change in Price,we

question 60

Multiple Choice

If demand changes greatly with a small change in price,we say the demand is ________.

• A) variable
• B) inelastic
• C) value-based
• D) elastic
• E) fixed

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Definitions:

Customer Expectations

The set of assumptions, desires, and needs that a customer has regarding a product or service.

Deming's 14 Points

A set of management practices proposed by W. Edwards Deming to improve quality, productivity, and competitive position by fostering a culture of continuous improvement.

Numeric Quotas

Fixed quantities or targets often set for production, sales, or other operational activities, used to measure performance or compliance.

Inspection Dependence

Reliance on the process of examining and testing products or services to ensure they meet specific standards or criteria before delivery.