If Demand Is Perfectly Elastic

question 3

Multiple Choice

If demand is perfectly elastic,

• A)then a 1% increase in price leads to a fall in quantity of greater than 1%.
• B)then a 1% increase in price leads to a fall in quantity of less than 1%.
• C)then a 1% increase in price causes quantity demanded to fall to zero.
• D)then a 1% increase in price has no effect on quantity demanded.

Grasp the elements and importance of value-based marketing and its impact on customer perception.

Recognize the role and structure of strategic business units within large corporations.

Understand the significance of segmenting, targeting, and positioning in the marketing planning process.

Learn about the importance of customer retention and loyalty programs for long-term profitability.

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Definitions:

Unnecessary Costs

Expenses that could be avoided without a detrimental effect on the quality of goods or services offered.

Selective Breeding

The process of breeding plants or animals for specific genetic traits, with the aim of producing offspring with desired characteristics.

Genetic Qualities

Inherent attributes or characteristics passed from parents to offspring through genes.

Eugenics

A controversial and largely discredited science aimed at improving the genetic quality of the human population, often associated with discriminatory and unethical practices.