Which Statement Best Characterizes the Objective of a Typical Search

question 34

Multiple Choice

Which statement best characterizes the objective of a typical search for location alternatives?

• A)Identify the best location choice.
• B)Minimize cost consequences.
• C)Maximize associated profits.
• D)Locate near markets.
• E)Identify acceptable locations.

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Definitions:

Price Ceiling

A legal maximum price that can be charged for a good or service.

Own Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, ceteris paribus.

Market Demand

The total quantity of a product or service that all consumers in a market are willing and able to purchase at different prices, over a specified period of time.

Affirmative Defense

A response to a plaintiff’s claim that does not deny the plaintiff’s facts but attacks the plaintiff’s legal right to bring an action. An example is the running of the statute of limitations.