With an Inelastic Product, Since There Are Not Usually Many

question 38

Multiple Choice

With an inelastic product, since there are not usually many substitutes, a/an ______ strategy can be used, setting the prices higher.

• A) skimming
• B) penetration
• C) odd
• D) reference

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Definitions:

Founding Georgia

The establishment of the colony of Georgia in 1733 by James Oglethorpe, intended as a place for debtors and poor individuals, and as a buffer against Spanish expansion from Florida.

Spanish Florida

A territory that was controlled by Spain from 1513 until 1821, covering most of what is currently the state of Florida and parts of the southeastern United States.

Mestizos

Individuals of mixed European and Indigenous American ancestry, a term originally used in the Spanish colonies to describe people of this mixed heritage.

Spanish Borderlands

The territories in North America that were under Spanish control from the 16th to the 19th centuries, including parts of what are now the United States and Mexico.