If a Good Is a Necessity with Few Substitutes, Then

question 148

Multiple Choice

If a good is a necessity with few substitutes, then demand will tend to:

• A)be more price-elastic.
• B)be less price-elastic.
• C)have price elasticity equal to 1.
• D)be the same as that of a luxury good.

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Definitions:

Organizational Strategies

Organizational Strategies are plans and actions implemented by a company to achieve its long-term goals and objectives, often including growth, efficiency, and competitiveness.

HR Strategies

Comprehensive plans developed by an organization's human resource department to align HR policies and practices with the objectives of the company.

Competitive Intelligence

The gathering and analysis of information about competitors for strategic purposes.

Environmental Scanning

The process of systematically collecting information about external influences and trends to identify opportunities and threats for strategic planning.