What Are Fads

question 83

Multiple Choice

What are fads?

• A) Accepted and popular products that go through a repetitive cycle of popularity
• B) An organizational product that can be sold cheaply in bulk quantities
• C) A product that experiences an intense but often very brief period of popularity
• D) A specialty product that has retained its popularity for a long time

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Definitions:

Total Revenue

The total receipts from sales of goods and services to customers; it is the unit price times the quantity of goods or services sold.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.

Price Elasticity

A metric evaluating the sensitivity of the amount of a good purchased to price fluctuations.

Demand Curve

A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing to purchase.