Price Elasticity Is Defined As

question 55

Multiple Choice

Price elasticity is defined as:

• A) a situation where prices routinely move up and down in a short period of time.
• B) customers' responsiveness or sensitivity to changes in price.
• C) the impact on a product's demand when customers are in unique buying situations.
• D) the relative ease with which prices can be changed.
• E) price flexibility-a pricing strategy used by startup firms.

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Definitions:

Hardware

A device such as a processor, monitor, keyboard, or printer. Together, these devices accept, process, and display data and information.

Open Source

Pertaining to software for which the original source code is made freely available and may be redistributed and modified.

License Terms

The legal terms and conditions that govern the use of software, specifying how it can be used, any limitations, and the rights of the user and the provider.

Cost

The amount of money required to purchase something or the expense incurred to create a product or service.