Price Elasticity of Demand Is Determined by a Number of Factors,such

question 258

Multiple Choice

Price elasticity of demand is determined by a number of factors,such as whether the item is a luxury product or service,the necessity of the product or service,the cash outlay of purchase relative to a person's disposable income,and

• A) the stage of the product or service in its product life cycle.
• B) the degree of carrying costs for the manufacturer or distributor.
• C) the availability of substitutes.
• D) the financial resources of the organization itself.
• E) the ability of the organization to meet sudden increases in demand.

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Definitions:

Hierarchy Of Needs

A theory in psychology proposed by Abraham Maslow suggesting that people are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization, in ascending order of importance.

Appetite Hormones

Biochemical substances produced in the body that regulate hunger, satiety, and food intake.

Hypothalamic Activity

Functions and regulatory processes carried out by the hypothalamus, a region of the brain controlling body temperature, hunger, and thirst.

James-Lange Theory

The theory that our experience of emotion is our awareness of our physiological responses to an emotion-arousing stimulus.