If There Are Few Substitutes for a Product, Few Competitors

question 65

Multiple Choice

If there are few substitutes for a product, few competitors, and a short time period under consideration, then

• A) the price elasticity of demand coefficient is equal to-1.
• B) this product has an elastic demand.
• C) a given percentage change in price will result in a much larger percentage change in the quantity demanded.
• D) if price rises, total revenue (or total consumer expenditures) will also rise.
• E) the price elasticity of demand is large.

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Definitions:

Vertical Loading

A job enrichment strategy that involves adding tasks that require higher levels of responsibility or decision-making to an employee's role.

Core Job Characteristics

Fundamental aspects of a job that affect employee motivation and job satisfaction, including task variety, autonomy, and feedback.

Job Simplification

The process of breaking down a job into its simplest components to improve efficiency and reduce complexity.

Standardizing Work Procedures

The practice of establishing uniform methods and processes for tasks to ensure consistency and efficiency.