Examlex
If a firm contracts with IRI, a leading test market company, to track sales of a new product made to a panel of consumers and to assess the effectiveness of advertising and other promotion tactics, what type of test market is this?
Total Amount
The complete sum or quantity of something, often referring to money, goods, or services.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Supply Shift
A change in the quantity of a good or service that suppliers are willing and able to sell at a given price, due to factors other than price itself.
Price Elasticity
A metric for assessing how much demand for a product fluctuates with its price.
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