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In a meeting with key personnel, Watson Corporation's president speaks to the firm's managers about social responsibility in business today. He suggests that the key to being socially responsible is to
Elastic Demand
A situation where the demand for a good or service greatly changes in response to changes in price.
Direct Price Discrimination
A pricing strategy where a seller charges different prices to different customers for the same product or service, based on their willingness to pay.
Inelastic Demand
A situation in which demand for a good or service is barely affected by changes in price.
Elastic Demand
When consumer demand for a product significantly rises or falls following a small change in its price.
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