The Law of Supply Suggests That the Price-Elasticity of Supply

question 83

Multiple Choice

The law of supply suggests that the price-elasticity of supply is

• A)positive.
• B)negative.
• C)always greater than 1.
• D)always less than 1.

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Definitions:

Marketable Products

Products that have sufficient demand and appeal in the market to be sold profitably.

Sales Orientation

A business approach that prioritizes the selling of products and services over understanding the needs and preferences of the consumer, focusing on sales volume.

Marketing Concept

A philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

Market Orientation

A business approach centered around understanding and meeting the needs and wants of customers.