Which of the Following Steps of the Market Screening Process

question 62

Multiple Choice

Which of the following steps of the market screening process involves the determination of a product's income elasticity?

• A) identification of basic appeal of a product
• B) measurement of market or site potential
• C) assessment of the national business environment
• D) selection of the market or site

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Definitions:

Price Adjustment Contract

A contract that allows for changes in price based on certain conditions, such as inflation rates or cost increases.

Fixed Price

A contract method where the service or product is provided at a set price, regardless of the actual costs incurred.

Inflation Adjusted Price

A price that has been modified to reflect the changes in purchasing power due to inflation, allowing for comparison over time.

Cost Plus Contract

A type of contract where the buyer agrees to pay the seller all project costs, plus an additional amount or percentage as profit.