If 100 Shirts Are Sold When the Unit Price Is

question 122

Multiple Choice

If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range,

• A)demand for the shirts is elastic.
• B)demand for the shirts is inelastic.
• C)demand for the shirts has shifted to the right.
• D)consumers are quite sensitive to changes in the price of the shirt.

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Definitions:

Channel Intermediaries

Businesses or individuals that act as intermediaries within the distribution channel, facilitating the movement of goods from manufacturers to consumers.

Logistical Function

Refers to the planning, implementation, and controlling of efficient and effective flow and storage of goods, services, and related information.

Transactional Functions

The activities involved in the buying and selling process, including pricing, promotion, and distribution.

Logistical Functions

The process of acquiring, creating, and delivering goods and services in the appropriate amounts to the consumer or ultimate location.