A Product-Service for Which Customers Are Willing to Pay Any

question 103

True/False

A product-service for which customers are willing to pay any price has an elastic demand.

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Definitions:

Sales Revenue

The income received by a company from selling goods or services before any costs or expenses are subtracted.

Credit

The trust which allows one party to provide resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources at a later date.

Goods Received

The receipt of goods ordered by a company, often documented with a goods received note (GRN) that verifies the delivery and details of the goods.

Bad Debt Expense

Money that is not recoverable from debtors and is considered a loss for the business because it is uncollectable.