If the Demand for Golf Is Unit Price Elastic and Your

question 229

Multiple Choice

If the demand for golf is unit price elastic and your local public golf course increases the greens fees for using the course, you would expect:

• A) a decrease in total revenue received by the course.
• B) an increase in total revenue received by the course.
• C) a decrease in the amount of golf played on the course.
• D) no change in the amount of golf played on the course.

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Definitions:

Reseller

Marketing intermediary that resells manufactured products without significantly altering their form.

Buying Center

The group of people typically responsible for the buying decisions in large organizations.

New Buy

In a B2B setting, a purchase of a good or service for the first time; the buying decision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item.

Straight Rebuy

Refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased.