Which of the Following Terms Represents the Measure of Responsiveness

question 71

Multiple Choice

Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?

• A) Selectivity
• B) Captivity
• C) Elasticity
• D) Sensitivity

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Definitions:

Measurement

The process of quantifying attributes or phenomena, typically using instruments or standardized tests, to obtain data.

Significant Differences

Implies statistically or practically meaningful discrepancies between data sets, groups, or results.

Quality of Production

The degree to which products or services meet or exceed customer expectations in terms of features, reliability, and performance.

Error Rates

The frequency of errors or mistakes occurring in a process, system, or activity, typically expressed as a percentage or ratio.