Which Demographic Characteristics Are the Best Predictors of Interest Group

question 52

Multiple Choice

Which demographic characteristics are the best predictors of interest group membership?

• A) color and education
• B) income and gender
• C) race and social class
• D) social class and income
• E) income and education

Calculate desired profit margin and understand its application in pricing.

Understand the relationship between current full cost, profit margin, and target selling price.

Comprehend the impact of fixed and variable costs on product pricing.

Analyze profit margin changes when cost reduction is not possible.

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Definitions:

Elasticity of Market Supply

The degree to which the quantity supplied of a good changes in response to a change in price.

Output Expansion

The increase in the production of goods and services in an economy or by a firm, often as a result of increased demand or improved production capabilities.

Period Lengthened

The extension of time allocated for a particular activity, phase, or process.

Price-taker Market

A market in which individual sellers cannot influence the market price and must accept the prevailing market price for their goods or services.