Demand for a Good Is Likely to Be Less Elastic

question 7

Multiple Choice

Demand for a good is likely to be less elastic

• A)the more narrowly defined the good is
• B)the larger the good's share of the buyer's budget
• C)in the long run than in the short run
• D)the smaller the number of substitute goods available
• E)at high prices

---

Definitions:

Customer Orientation

a business approach focused on understanding and meeting the actual needs and desires of customers, rather than just selling products or services.

Customer Satisfaction

The measure of how products or services provided by a company meet or surpass customer expectation.

Production Era

A historical period in business thought where the focus was primarily on production efficiency and manufacturing output, often at the expense of customer needs or desires.

Consumer Demand

The desire of purchasers for products or services that they are willing and able to buy at given prices.