Which of the Following Statements Is Correct

question 42

Multiple Choice

Which of the following statements is correct?

• A) Demand is more elastic in the short run than in the long run.
• B) The price elasticity of demand for new products in new markets is likely to be inelastic.
• C) The longer the time consumers have to adjust to changes in the price of a good, the more inelastic the demand will be.
• D) The availability of substitutes for a good does not affect its price elasticity of demand.

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Definitions:

Postponement Strategy

A supply chain management tactic that delays the final production or distribution of a product until customer demand is known, to reduce inventory costs and increase customization.

Service Productivity

A measure of the efficiency and effectiveness of a service operation, often assessed by the output produced relative to the input used.

Hybrid Process

A production method that combines elements of both batch and continuous processing to improve efficiency and flexibility.

Process Models

Conceptual or mathematical representations of operations or sequences of tasks within a process, used for analysis, design, and optimization.