The Supply of a Good Is More Price Elastic

question 29

Multiple Choice

The supply of a good is more price elastic,

• A)the fewer alternatives there are to producing the good in question
• B)the more broadly the market for the good is defined
• C)the longer the time horizon over which it is measured
• D)the higher the cost of production
• E)the more elastic the demand for that good.

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Definitions:

Sales Force

A group of employees working together to sell a company's products or services.

Pricing Strategy

The method adopted by a company to set its products' or services' prices, considering the market, competition, cost, and demand.

Advertisement

A public notice especially in print, broadcast, or online, promoting the sale of goods or services.

Big Screen Television

A large television set, typically measuring over 55 inches diagonally, offering enhanced viewing experience for movies, sports, and other entertainment.