If a Price Hike of 5 Per Cent Increases the Quantity

question 91

Multiple Choice

If a price hike of 5 per cent increases the quantity demanded of another good by 2 per cent, the goods must be _______ and the cross elasticity of demand equals _______.

• A) substitutes; 2.5
• B) complements; 2.5
• C) substitutes; 0.40
• D) complements; 0.40

Grasp the concept of needs satisfaction in sales presentations for identifying and addressing customer needs.

Identify strategies for handling objections during sales negotiations.

Understand adaptive selling and its role in offering unique value to customers.

Understand different sales presentation formats and their applications.

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Definitions:

Statue of Liberty

A colossal neoclassical sculpture on Liberty Island in New York Harbor, symbolizing freedom and democracy and given to the United States by France.

Social Responsibility

The obligation of companies to act in ways that benefit society at large, beyond their own interests or those of their shareholders.

Marketing Metric

Quantitative measures used to monitor, analyze, and evaluate the effectiveness of marketing strategies and campaigns.

Quantitative Value

The measurable, numerical worth of a product or service, often assessed through metrics such as price, features, and benefits.