Price Elasticity of Demand Is Determined by a Number of Factors

question 2

Multiple Choice

Price elasticity of demand is determined by a number of factors, such as the availability of substitutes, the necessity of the product or service, and

• A) the cash outlay of the purchase relative to a person's disposable income.
• B) the stage of the product or service in its product life cycle.
• C) the degree of carrying costs for the manufacturer or distributor.
• D) the financial resources of the organization itself.
• E) the ability of the organization to meet sudden increases in demand.

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Definitions:

Cattle Ranchers

Individuals or businesses involved in the raising and breeding of cattle for meat production or sale on a large scale.

Sheepherders

Individuals or workers engaged in the care and management of sheep, often involving grazing, moving herds to new pastures, and ensuring their health and safety.

Supremacy

The state or condition of being superior to all others in authority, power, or status.

Social Positions

The status or rank that an individual holds within a society, often influenced by factors such as occupation, wealth, and family background.