The Price of Pens Increases from $2 to $2

question 218

Multiple Choice

The price of pens increases from $2 to $2.20. At the same time, the quantity of pens demanded decreases from 100 to 90. Demand for pens is:

• A)perfectly inelastic.
• B)inelastic.
• C)unitary elastic.
• D)elastic.

Identify the various methods and sources of collecting marketing data and their applicability.

Understand the legal and ethical considerations in marketing research, including privacy laws.

Recognize the role of marketing research in reducing managerial decision-making uncertainty.

Understand the concepts of samples and sampling methods in marketing research.

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Definitions:

Managed Interdependence

The deliberate coordination and planning of tasks, processes, or relationships among individuals or groups to achieve mutual goals.

Resource Scarcity

A condition where the availability of resources is limited in comparison to the demand, leading to competition and potential conflict.

Downsizing

The process of reducing the size of a company by eliminating staff positions, often to cut costs or improve efficiency.

Financial Difficulties

Situations where individuals or organizations struggle to manage their finances, often due to insufficient income, high debts, or unexpected expenses.