When Consumers Are Brand Loyal, the Term Inelasticity of Demand

question 69

Multiple Choice

When consumers are brand loyal, the term inelasticity of demand is often used.This means that

• A)consumers won't accept price increases for a particular product category.
• B)consumers are less sensitive to price increases for a brand they like.
• C)firms have the flexibility to lower prices if this will increase sales.
• D)firms may decrease production in order to increase demand.

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Gender Identity

An individual's personal sense of their own gender, which may or may not correspond to their sex assigned at birth.

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The societal norm that encourages or permits sexual behaviors in one gender but discourages or forbids them in another.

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The social activity involving two or more people generally assessing each other's suitability as a partner in an intimate relationship or as a spouse.