Demand for a Product Is Likely to Be More Price

question 59

Multiple Choice

Demand for a product is likely to be more price elastic if it

• A) is considered a necessity.
• B) has many substitutes.
• C) is at the mature stage of the product life cycle.
• D) requires a small cash outlay.
• E) is nondiscretionary.

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Definitions:

Vivid Dreams

Highly detailed, clear, and sometimes intensely emotional dreams that are remembered upon awakening.

Pain Receptors

Specialized nerve endings that transmit pain signals to the brain when the body experiences harmful stimuli.

Emotional Reactions

Responses characterized by intense feelings that are generated in response to an internal or external event.

Hypnotized

The state of being in a trance, often induced by another person, characterized by heightened suggestibility and focus.