When Can a Service Be Said to Be Price-Elastic

question 60

Multiple Choice

When can a service be said to be price-elastic?

• A)Where a large increase in price has the effect of a large increase in sales.
• B)Where a large decrease in price has the effect of a small increase in sales.
• C)Where a small decrease in price has the effect of a large increase in sales.
• D)Where a small increase in price has the effect of a small increase in sales.
• E)Where a small increase in price has the effect of a small decrease in sales.

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Definitions:

Range

The difference between the lowest and highest values in a set of data, indicating dispersion or variability.

Median

The middle value of a data set when it is arranged in ascending or descending order, or the point that divides the distribution into two equal halves.

Standard Deviation

A statistical measure of the dispersion or variation in a set of values, indicating how much the individual values differ from the mean of the set.

Social Competence

The ability to interact effectively with others, involving communication skills, empathy, and relationship-building.