If the Price Elasticity of Demand Is Computed for Two

question 94

Multiple Choice

If the price elasticity of demand is computed for two products, and product A measures .79, and product B measures 1.6, then:

• A) product A is more elastic than product B.
• B) product B is more elastic than product A.
• C) consumers are more responsive to price changes in product A than in product B.
• D) products A and B must be substitutes.

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Definitions:

Standard Setting

The process of establishing benchmarks, norms, or levels of quality that products, services, or competencies should meet or exceed.

Work Sampling

A statistical technique used to estimate the proportion of time spent by workers on various activities, through random observations over a period.

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Delays in a project or process that cannot be prevented, often caused by external factors like weather conditions, natural disasters, or changes in legislation.

Frank Gilbreth

Recognized as a pioneer in industrial engineering and management, Frank Gilbreth contributed significantly to time and motion studies, aiming to improve workplace efficiency and productivity.