In Which of the Following Markets Is a Consumer Less

question 9

Multiple Choice

In which of the following markets is a consumer less sensitive to price?

• A)Airlines
• B)Refrigerators
• C)Health Care
• D)Computer components
• E)Washing Machines

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Definitions:

Existing Technology

The current state of technological development and the tools and processes available for production.

Developing Countries

Countries characterized by their lower industrialization levels, decreased living standards, and a lesser Human Development Index in comparison to developed nations.

Technologically Backward

Description for entities or economies that have not adopted modern technologies or practices, resulting in lower efficiency and productivity.

Existing Technologies

The current set of tools, machinery, equipment, and processes used in the production of goods or services.