Demand for a Product Will Be Inelastic If

question 51

Multiple Choice

Demand for a product will be inelastic if:

• A)​its price is so low that it is an inconsequential part of an individual's budget.
• B)the product has a number of different uses.
• C)many substitute products are available in the market.
• D)​the product can be repaired and replaced or prolonged in its use.

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Definitions:

Self-driving Cars

Vehicles equipped with technology that allows them to navigate and operate without human intervention.

Over Capacity

A situation where a facility or system can produce more than is demanded, often leading to inefficiency and increased costs.

Decline Stage

The phase in a product life cycle where sales and profits begin to decrease as the product starts to lose consumer interest or becomes obsolete.

OM Strategies

Operational management strategies employed by organizations to improve efficiency, productivity, and competitiveness in their operational processes.