When Small Changes in Price for Consumer Products Can Result

question 67

Multiple Choice

When small changes in price for consumer products can result in large increases or decreases in demand for the facilities and equipment needed to make the consumer product, it is referred to as _____ demand.

• A)horizontal
• B)fluctuating
• C)discrete
• D)unit

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Definitions:

Damages

Monetary compensation awarded to a party in a legal proceeding as a remedy for loss or injury.

Punitive Damages

Financial compensation awarded to a plaintiff, over and beyond the actual damages incurred, to punish the defendant for egregious or malicious conduct.

Plaintiff

An individual or entity that brings a lawsuit against another in a court of law.

Breach of Contract

The failure of one party to fulfill the terms of a contract without lawful excuse.