Demand for a Product Tends to Be More Elastic the Longer

question 34

Multiple Choice

Demand for a product tends to be more elastic the longer the time period considered because

• A) sellers have more time to expand production.
• B) buyers get used to the new price.
• C) buyers have more time to search for substitutes.
• D) the inverse relationship between the price and the quantity demanded weakens over time.
• E) price increases over time make the price larger relative to buyers' incomes.

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Definitions:

Advertising

A method of communication aimed at influencing the behavior or beliefs of an audience toward a product, service, or cause through various media.

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Strategic Planning Process

A systematic sequence of actions that organizations use to envision their future and develop necessary procedures and operations to achieve that future.

Marketing Program

A comprehensive plan that integrates various marketing efforts such as advertising, sales, and public relations to achieve business objectives.