Business People Speak About Price Elasticity of Demand Without Using

question 128

Multiple Choice

Business people speak about price elasticity of demand without using the actual term. Which one of the following statements reflects elastic demand for a good?

• A)"A price cut won't help me. It won't increase sales, and I'll just get less money for each unit."
• B)"I don't think a price cut will make any difference to my bottom line. What I may gain from selling more I would lose on the lower price."
• C)"My customers are real bargain hunters. Since I set my prices just a few cents below my competitors, customers have flocked to the store, and sales are booming."
• D)"With the recent economic recovery, people have more income to spend and sales are booming, even at the previous prices."
• E)"A very cold winter has increased my sales of skates and hockey sticks."

Recognize the importance of environmental factors and community infrastructure in disease prevention.

Understand the historical development of public health initiatives and their impact on community health.

Analyze the role of government and non-governmental organizations in the advancement of public health.

Identify key figures and their contributions to public health and nursing.

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Definitions:

Cultural Variable

An element of culture, such as norms, values, or practices, that can vary significantly across societies or among groups within a society.

Ethical Guidance

Advice or direction provided to ensure behavior and decisions conform to accepted moral principles and standards.

Business Practices

Business practices are the methods, techniques, and strategies adopted by companies to conduct their business, ranging from operations and marketing to management and ethics.

Anti-Corruption Policies

Strategies and regulations implemented by organizations or governments to prevent, detect, and punish corrupt practices.