Some of the Determinants of the Price Elasticity Are

question 113

Multiple Choice

Some of the determinants of the price elasticity are:

• A)availability of substitutes,cost relative to benefit,and scope of market.
• B)degree of necessity,cost relative to income,scope of market,and adjustment time.
• C)availability of complements,cost relative to income,and scope of market.
• D)cost relative to income,scope of demand,and adjustment time.

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Definitions:

Transactions

Transactions refer to the exchange of goods, services, or funds between two or more parties, which are recorded and form the basis of accounting.

Costs Of Quality

The cost associated with controlling quality (prevention and appraisal) and failing to control quality (internal and external failure).

Prevention Costs

Expenditures made to avoid defects in products or inefficiencies in services, part of quality control measures.

Value-Added

The enhancement a company gives its product or service before offering the product to customers, increasing the product's value.