Which of the Following Is Assumed by Marquand

question 9

Multiple Choice

Which of the following is assumed by Marquand?

• A) All businesses now use information technology for communications and information.
• B) Relatively few businesses sell products online.
• C) Less information was available to businesses before the information technology revolution than there is now.
• D) Consumers preferentially choose to buy from businesses that use the latest information technology.
• E) Selling online is relatively unimportant to most businesses.

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Definitions:

Least Elastic

Refers to the good or service with the least sensitivity to changes in price, meaning the quantity demanded or supplied changes very little with price changes.

Immediate Market Period

A very short time frame in market analysis where the supply of goods is fixed.

Price Elasticity

An indicator showing the degree to which the demand for a product changes in response to a price change for that product, calculated as a percentage.

Teenage Workers

Individuals typically aged 13 to 19 who are employed in part-time or full-time positions across various industries.