Which of the Following Statements Is Not True

question 189

Multiple Choice

Which of the following statements is not true?

• A) Price elasticity of demand for basic foods is low.
• B) When price elasticity of demand is very high, we say there is brand loyalty.
• C) The availability and price of substitutes affect the elasticity of demand for a good or service.
• D) When goods have very low prices, the elasticity of demand is usually quite low.
• E) Elasticities increase as the price of the good increases.

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Definitions:

Formal Policies

Officially documented rules and guidelines within an organization designed to guide actions and decision-making processes.

Vivid Image

A highly detailed, clear, and striking mental representation or description that evokes a strong visual perception.

Memorable Slogan

A distinctive and catchy phrase used to convey an important message in a memorable way, often for advertising or branding.

Tangible Benefits

Refers to measurable and concrete advantages that result from an action or decision.