If the Quantity Demanded of a Certain Good Responds Only

question 58

Multiple Choice

If the quantity demanded of a certain good responds only slightly to a change in the price of the good,then

• A) the demand for the good is said to be elastic.
• B) the demand for the good is said to be inelastic.
• C) the law of demand does not apply to the good.
• D) the demand curve for the good shifts only slightly in response to a change in price.

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Definitions:

Recall

The ability to retrieve information or memories from one's mind. In marketing, it refers to a consumer's ability to remember a brand spontaneously.

Aided Recognition

A cognitive process in which an individual can recognize or recall information, objects, or concepts with the help of cues or prompts.

Top of Mind Awareness

A marketing term referring to a brand or product being the first one that comes to customers' minds when thinking of a particular industry or category.

Commoditization

The process by which goods or services become undifferentiated in the eyes of the consumer, leading to competition primarily on price rather than quality or brand.