_____ of Inventory Refers to the Unit Cost of the Inventory

question 48

Multiple Choice

_____ of inventory refers to the unit cost of the inventory.

• A)Volume
• B)Velocity
• C)Value
• D)Virtue
• E)None of these answers.

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Definitions:

Perfectly Inelastic

Describes a situation in which the quantity demanded or supplied does not change in response to a price change.

Demand Determined

implies that the quantity and price of goods and services are decided by the consumers' demand or preferences in the market.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Elastic

A characteristic of goods or services with demand that is significantly responsive to changes in price.