When Is Demand Said to Be Elastic

question 226

Multiple Choice

When is demand said to be elastic

• A)if the price of the good responds substantially to changes in demand
• B)if demand shifts substantially when the price of the good changes
• C)if buyers do not respond to changes in the price of the good
• D)if the quantity demanded responds substantially to changes in the price of the good

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Definitions:

Increase Profits

A strategy or objective focused on enhancing the net financial gain a company receives from its operations.

Mnemonic Device

A memory aid, often a pattern of letters, ideas, or associations that assist in remembering something.

Marketing Objectives

Goals set by a company to promote its products or services and achieve a competitive advantage.

Customer Satisfaction

A measure of how products or services meet or surpass customer expectations, crucial for retaining customers and generating positive word-of-mouth.