Demand Is Said to Be _______ When the Quantity Demanded

question 37

Multiple Choice

Demand is said to be _______ when the quantity demanded is very responsive to changes in price.

• A) elastic
• B) unit elastic
• C) inelastic
• D) independent

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Definitions:

Credible

Being believable or worthy of trust, often based on a proven track record or evidence.

Penetration Pricing

A pricing strategy where a product is initially offered at a lower price to attract customers and gain market share.

Market Acceptance

The degree to which a new product or service is embraced and used by consumers in a target market.

Initial Price

The first set price of a product or service at the start of its market launch, before any discounts or adjustments.