Prices Are Likely to Be Least Flexible

question 261

Multiple Choice

Prices are likely to be least flexible

• A) in oligopoly.
• B) in monopolistic competition.
• C) where product demand is inelastic.
• D) in pure competition.

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Definitions:

Activity Variance

The difference between what was expected in terms of spending or usage during a period and what actually occurred.

Administrative Expenses

Costs associated with the general administration of a business, including items like salaries of executives, office supplies, and utilities.

Budgeting

Constructing a scheme to allocate your funds, specifying forthcoming financial ambitions and the tactics to achieve these goals.

Client-visits

The number of times clients visit a business or service center, often used as a metric in customer service and sales industries.