You Have Just Been Hired as a Business Consultant to Determine

question 185

Multiple Choice

You have just been hired as a business consultant to determine what pricing policy would be appropriate to increase the total revenue of a therapeutic massage spa. The first step you would take would be to

• A)increase the price of all massages.
• B)reduce staff in order to reduce operating costs.
• C)determine the price elasticity of supply for massages.
• D)determine the price elasticity of demand for massages.

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Definitions:

Financial Statement

Formal records that outline the financial activities and condition of a business, individual, or entity.

Iodine Contrast

A type of contrast agent used in medical imaging that contains iodine, which helps enhance the visibility of internal structures.

Allergic

Having an immune response or sensitivity to a particular substance, resulting in symptoms like itching, sneezing, or rash.

Shellfish

Aquatic shelled animals, such as shrimp, crabs, and oysters, often used for food, some of which can cause allergic reactions in certain individuals.