The Question Mark Has A

question 26

Multiple Choice

The question mark has a:

• A) large market share in a rapidly growing industry.
• B) large market share in a slow growth industry.
• C) small market share in a rapidly growing industry.
• D) small share of a slow growth market.
• E) moderate market share in a slow growth industry.

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Definitions:

Demand

The willingness and ability of consumers to purchase goods or services at various price levels.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a responsive market.

Inelastic

Describing a situation where a change in the price of a good or service has a relatively small effect on the quantity demanded or supplied.

Price Elasticity

The responsiveness of the quantity demanded or supplied of a good to a change in its price, commonly referred to in economics as price elasticity of demand or supply.