If Demand Is Elastic and the Price of a Product

question 247

Multiple Choice

If demand is elastic and the price of a product decreases by 10 percent, then

• A) the change in quantity demanded is less than 10 percent.
• B) the change in quantity demanded is equal to 10 percent.
• C) the change in quantity demanded is greater than 10 percent.
• D) the decrease in quantity demanded is greater than 0 percent.

---

Definitions:

Multiproduct Shelving

Multiproduct shelving involves displaying various products in a retail space, designed to efficiently maximize visibility and accessibility of different items.

Family Branding

A marketing strategy where multiple related products are marketed under a single brand name, aiming to build a strong family brand association.

Priceless Source

An invaluable or irreplaceable origin of information or resources that cannot be quantified by price.

Prospective Franchise

A business model that involves a potential franchisee considering the opportunity to operate a franchise of a larger company.