When Marketers at Consolidated Mustard Company Tried to Determine Demand

question 5

Multiple Choice

When marketers at Consolidated Mustard Company tried to determine demand for their product, they found that at 50 cents, consumers wanted 2,000 jars; at $1.00, they wanted 6,000 jars; and at $1.50, they wanted 4,000 jars. What can Consolidated conclude?

• A)Consolidated did poor market demand research.
• B)Consolidated has an elastic product.
• C)Consolidated has an inelastic product.
• D)Consolidated mustard is a prestige good.
• E)Consolidated mustard has a normal demand curve.

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Definitions:

Visible Finished Product

A tangible outcome that can be seen and evaluated by others, often as the end result of a project or manufacturing process.

Auto Industry

Refers to the global sector of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles.

Job Sharing

Splitting one job between two people.

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Employment in which the employee works a minimum number of hours defined as full-time by their employer, typically 40 hours per week.