The Surplus Caused by a Binding Price Floor Will Be

question 2

Multiple Choice

The surplus caused by a binding price floor will be greatest if

• A) demand is inelastic and supply is elastic.
• B) supply is inelastic and demand is elastic.
• C) both supply and demand are elastic.
• D) both supply and demand are inelastic.

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Definitions:

Trial Closings

Sales techniques used to gauge a potential buyer's readiness to complete a purchase by asking hypothetical or suggestive closing questions.

Sales Presentation

A formal talk or demonstration aimed at persuading an audience to purchase a product or service.

FAB

Stands for Features, Advantages, and Benefits; a sales approach focusing on presenting the features of a product, its advantages over competition, and the benefits it provides to the consumer.

Marketing Plan

A comprehensive document outlining a company's overall marketing strategy, including marketing objectives, target markets, and tactics for achieving those objectives.