If the Own Price Elasticity of Demand Is Infinite in Absolute

question 112

Multiple Choice

If the own price elasticity of demand is infinite in absolute value,then:

• A) demand is perfectly inelastic.
• B) the demand curve is horizontal.
• C) consumers do not respond at all to changes in price.
• D) demand is neither perfectly inelastic nor is the demand curve horizontal.

Recognize the use and importance of Likert-type scales and semantic differential scales.

Distinguish between proprietary and open-access measurement instruments.

Identify types of reliability and what they measure.

Understand the importance of clear definitions and classifications for observer reliability.

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Definitions:

Consumer Buying Habits

Patterns and behaviors that consumers exhibit in the search for, purchase, use, and disposal of products and services.

Value Chains

A value chain is a series of activities that businesses conduct to bring a product or service from its conception to distribution and beyond, aiming to add value at each stage.

Environmental Scanning

The process of systematically gathering, analyzing, and interpreting data about trends, events, and relationships in an organization's external environment to identify opportunities and threats.

Market Segments

Subsets of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.