In ________, the Product Is Built to Customer Specifications from a Stock

question 55

Short Answer

In ________, the product is built to customer specifications from a stock of existing components.

---

Definitions:

Elastic

A term used in economics to describe a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.

Price Elasticity

An indicator showing the demand for a good's responsiveness to its price alterations.

Consumer Purchases

Transactions in which individuals buy goods or services for personal use or consumption.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to changes in its price.