Which of the Following Statements Is Not True

question 145

Multiple Choice

Which of the following statements is not true?

• A) Price elasticity of demand for basic foods is low.
• B) When price elasticity of demand is very high, we say there is brand loyalty.
• C) The availability and price of substitutes affect the elasticity of demand for a good or service.
• D) When goods have very low prices, the elasticity of demand is usually quite low.

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Definitions:

Material B

A generic term often used to denote a specific type of material used in the manufacturing or production process.

Budgeted Total Sales

The estimated total revenue that a business plans to generate from goods or services sold within a specific period.

Sales Estimates

Projections or predictions about the amount of revenue that will be generated through sales activities within a certain period.

Budgeted Sales

An estimate of the sales volume and revenue expected to be achieved in a specific period, typically used for planning purposes.