An Example of a Price That Changes Only Infrequently Is

question 210

Multiple Choice

An example of a price that changes only infrequently is the price of

• A)stocks on the New York Stock Exchange.
• B)crude oil.
• C)residential real estate.
• D)magazines sold at newsstands.

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Definitions:

Transaction

An exchange or transfer of goods, services, or funds between parties.

Substitutes

Products or services that can replace each other in use, satisfying the same customer need or demand.

Oligopoly

Defines a market structure characterized by a small number of firms dominating the market, leading to limited competition.

Brand Loyalty

Occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buying from multiple suppliers within the same category.