Price Elasticity Is Defined As

question 55

Multiple Choice

Price elasticity is defined as:

• A) a situation where prices routinely move up and down in a short period of time.
• B) customers' responsiveness or sensitivity to changes in price.
• C) the impact on a product's demand when customers are in unique buying situations.
• D) the relative ease with which prices can be changed.
• E) price flexibility-a pricing strategy used by startup firms.

---

Definitions:

Definable Receptors

Specific molecular structures on cell surfaces or within cells that binding substances like neurotransmitters, hormones, or drugs can precisely identify and interact with.

Pressure

The psychological or physical force exerted on an individual, which can influence their behavior or mental state.

Defence Mechanism

Psychological strategies unconsciously used to protect a person from anxiety-arising thoughts or feelings.

Subordinate

An individual who is lower in rank or position and is subject to the authority of a supervisor or manager.